https://www.taxtmi.com/caselaws?id=456730 ITAT Pune held that capital gains from sale of hospital land and building by a dissolved firm were taxable in the firm's hands, not the partners'. The property was validly transferred to the firm as capital contribution without registered conveyance, following Partnership Act provisions. Despite the firm claiming depreciation making gains short-term under Section 50, Section 54EC exemption was allowed following Bombay HC precedent in ACe Builders case. The benefit was granted even though investment bonds were purchased in partners' individual names, subject to Rs. 50 lakh ceiling. en-us Fri, 30 Jan 2015 00:00:00 +0530 Sat, 10 Aug 2024 14:06:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456730 ITAT Pune held that capital gains from sale of hospital land and building by a dissolved firm were taxable in the firm's hands, not the partners'. The property was validly transferred to the firm as capital contribution without registered conveyance, following Partnership Act provisions. Despite the firm claiming depreciation making gains short-term under Section 50, Section 54EC exemption was allowed following Bombay HC precedent in ACe Builders case. The benefit was granted even though investment bonds were purchased in partners' individual names, subject to Rs. 50 lakh ceiling. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456730