Section 56(2)(vii)(b)(ii) Income tax Act will not be apply when property purchased for Business use of Partnership firm: ITAT [Read Order]

Income tax Act - property - Business - Partnership firm - ITAT - Income tax Act will not be apply when property - taxscan

The Income Tax Appellate Tribunal (ITAT), Chennai Bench held that Section 56(2)(vii)(b)(ii) Income Tax Act , 1961 would not be applied when property purchased for business use of partnership firm. The assessee,Chandrasekaran Valarmathi is a partner in a firm M/s Chandran Steels, along with 3 other partners of the firm, purchased a certain building for…

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