Do you have a Partnership firm? Then this Supreme Court decision is important for you
Hon’ble Supreme Court, in a Civil litigation matter, rendered a decision of great significance for partnership firms. It has explained the concepts of ‘Retirement’ and ‘Dissolution’.
It is necessary for Taxpayers to keep in mind the fundamental difference between ‘Retirement’ and ‘Dissolution’. Any misconception on part of any taxpayer may land him / it in unforeseen financial as well as income tax burden.
To explain the implications of the above stated Supreme Court decision, Members of our direct tax team have come up with a presentation on this subject.