https://www.taxtmi.com/caselaws?id=466128 Revision under section 263 challenged an assessment completed u/s 143(3) r.w.s. 147 r.w.s. 144B concerning taxability of capital gains on sale of partnership property after dissolution. The tribunal analysed the scope of the provision equivalent to section 45(4) and the limited purpose of the provision corresponding to section 189, finding those provisions apply where a firm has carried on business and is assessed for the period of its business; they do not apply where the firm ceased to exist and no business was carried on in the relevant year. Consequently, the revisional power was found properly invoked to direct further enquiries by the AO; the appeal was dismissed. en-us Fri, 28 Feb 2025 00:00:00 +0530 Sun, 25 Jan 2026 21:24:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466128 Revision under section 263 challenged an assessment completed u/s 143(3) r.w.s. 147 r.w.s. 144B concerning taxability of capital gains on sale of partnership property after dissolution. The tribunal analysed the scope of the provision equivalent to section 45(4) and the limited purpose of the provision corresponding to section 189, finding those provisions apply where a firm has carried on business and is assessed for the period of its business; they do not apply where the firm ceased to exist and no business was carried on in the relevant year. Consequently, the revisional power was found properly invoked to direct further enquiries by the AO; the appeal was dismissed. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466128