DISSOLUTION OF FIRM - URGENT

Tax queries 1269 views 6 replies

HI FRIENDS


MY QUERRY : - Is dissolution of firm  necessary at the time of succession of the firm ?


Please give any judgement etc. in favour of this, i'll gr8 to all of .u


Thx and Regards


Ajay Jain

Replies (6)
no it is not required under the partnership Act
When you say succession of firm , you noramally mean entire assets and liabliies of the firm as a going concern has been taken over . IN this sense , a take over deed is sufficient and there is no need of dissolution of firm at that point of time . However , later on you may decide to dissolve ........ Other mode is dissolution of the firm and succession ...... IT depends
Thx Sampat Sir can u refer any judgement in respect of this querry ? thx and regards Ajay Jain
Kindly read judgement 2004(269)ITR322 ITS SAYING THERE IS AUTUMATIC DISSOLUTION OF THE FIRM AT THE TIME OF SUCCESSION
Thx Sampat & Suresh Sir
can u refer any judgement in respect of this querry ?
Kindly read judgement 2004(269)ITR322
ITS SAYING THERE IS AUTUMATIC DISSOLUTION OF THE FIRM AT THE TIME OF SUCCESSION

thx and regards
Ajay Jain
You see there are two different things .......sucession of business of the firm as a going concern and succession of the firm itself . If the firm itself is succeeded , the old firm does not remain .


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