2000 (7) TMI 221

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to consider the following questions:-- "(a) Whether, a firm is assessable to tax in respect of capital gains on the distribution of assets between the partners on the dissolution of the firm in view of section 45(4) Without there being a corresponding amendment in the definition of transfer given in section 2(47) of Income-tax Act, 1961?" "(b) Whether for computing the income under the head cap....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... going concern is a capital asset in itself and whether such capital asset can be valued on global valuation method?" 2. The learned counsel for the assessee, Shri H.G. Malik, vide letter dated7-7-2000submitted that to resolve the dispute assessee resorted to the Kar Vivad Samadhani Scheme. Certified copy of the form of certificate for full and final settlement of tax arrears under section 90(2) ....