Taxability of stock
This query is : Resolved
NASEEMUNNISA BEGUM
(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.
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.
CA R SEETHARAMAN
(Expert)
21 November 2022
Yes, reverse ITC in such a case.
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