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Taxability of stock

This query is : Resolved 
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(Querist)
21 November 2022 Due to dispute between partner's, Partner's have decided to take stock of the partnership firm in order to settle their loan amount and a part of their capital account.

In this situation whether we need to reverse the ITC related to that stock which has been transferred to partner's?


Partnership firm not dissolved.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
21 November 2022 Yes, reverse ITC in such a case.
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