The Indian Partnership Act 1932 doesn't specify the exact number of years for rendition of accounts when an unregistered partnership dissolves. While the Income Tax Act requires eight assessment years of accounts to be kept, this discussion confirms that eight years is indeed the period for submission before an arbitrator in such cases.
Guest
Guest
(Querist)
01 February 2023
Indian Partnership Act 1932 does not makes it clear about the number of years of rendition of accounts.How many years of accounts has to be submitted before the arbitrator in case of dissolution of an unregistered partnership firm? Is it eight assessment years as stated by the Income Tax Act?