“Section 49(1)(ii)(b)”

Shri Deepak Suresh Gadge, Nagpur vs. Dy. CIT, Circle-1, Nagpur

In the result, appeal filed by the assessee partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

property by the partner, the legislature had covered in the cases of dissolution of a partnership firm. The provisions of section 49(1)(ii)(b) of the Act conspicuously omits the expression ‗otherwise‘ though it covers ‗distribution of assets on the dissolution of firm‘. In other words, the deeming provision