https://www.taxtmi.com/caselaws?id=29431 The High Court held that a registered firm is liable to pay tax on capital gains under Section 114 of the Income-tax Act, 1961, at a minimum rate of 15%. The court rejected the Tribunal's decision and ruled in favor of the revenue, emphasizing the importance of following precedents to ensure uniformity in legal interpretations. The apportionment of capital gains among partners was not directly addressed, with the court suggesting that such issues should be raised during individual assessments. The concern over double taxation was acknowledged but deemed permissible under the statutory provisions. en-us Tue, 01 Sep 1981 00:00:00 +0530 Fri, 12 Mar 2010 17:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29431 The High Court held that a registered firm is liable to pay tax on capital gains under Section 114 of the Income-tax Act, 1961, at a minimum rate of 15%. The court rejected the Tribunal's decision and ruled in favor of the revenue, emphasizing the importance of following precedents to ensure uniformity in legal interpretations. The apportionment of capital gains among partners was not directly addressed, with the court suggesting that such issues should be raised during individual assessments. The concern over double taxation was acknowledged but deemed permissible under the statutory provisions. Case-Laws Income Tax Tue, 01 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29431