Case Law Analysis
|Income Tax Appellate Tribunal
Post-Dissolution Receipts Taxable Only in Surviving Partner's Hands, Not Dissolved Firm: ITAT Delhi
ITAT Delhi rules that contractual receipts and interest credited to a surviving partner's proprietorship after firm dissolution cannot be taxed in the dissolved firm's hands, preventing double taxation. The tribunal emphasized substance over form, directing tax liability to follow the actual recipient of income.