https://www.taxtmi.com/caselaws?id=39137 A registered firm, though not a company, was held liable to tax on capital gains where such gains formed part of its total income under section 114 of the Income-tax Act, 1961. The court treated the firm as a separate assessable entity distinct from its partners, and held that the possibility of taxing partners on their shares did not exclude the firm from the statutory charge. The capital gain realised by the firm on sale of its capital asset therefore remained exigible to tax, and the issue was answered against the assessee and in favour of the revenue. en-us Tue, 19 Oct 1976 00:00:00 +0530 Tue, 13 Apr 2010 11:54:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39137 A registered firm, though not a company, was held liable to tax on capital gains where such gains formed part of its total income under section 114 of the Income-tax Act, 1961. The court treated the firm as a separate assessable entity distinct from its partners, and held that the possibility of taxing partners on their shares did not exclude the firm from the statutory charge. The capital gain realised by the firm on sale of its capital asset therefore remained exigible to tax, and the issue was answered against the assessee and in favour of the revenue. Case-Laws Income Tax Tue, 19 Oct 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39137