Sale of goods by a partnership firm to a partner
This query is : Open
18 August 2013
whether sale of trading goods by a partnership firm to partner amounts to sale or not as per income tax act?
18 August 2013
It can be treated as sales.
19 August 2013
please state whether there is any specific provision governing it or is there any supporting case law for it.why should not be it treated as drawings?
19 August 2013
It is specified sales and if the saleeing price is below the cost then the provisions of section 40A(2) will apply
19 August 2013
@ Mr Bafna
Not 'can be treated' but 'must be treated'
@ Mr.Ksheerabthinathan
It cannot be termed as WITHDRAWAL because VAT people are there. Wherever VAT is there it is SALE. However, in narration it can be declared withdrawal by goods.
@ Mr SS Agarwal
Thanks for your professional answer.
Not 'can be treated' but 'must be treated'
@ Mr.Ksheerabthinathan
It cannot be termed as WITHDRAWAL because VAT people are there. Wherever VAT is there it is SALE. However, in narration it can be declared withdrawal by goods.
@ Mr SS Agarwal
Thanks for your professional answer.
21 August 2013
thanks to everyone for the answers
10 May 2015
It can be treated as Withdrwals. However for firm must pay VAT on such transactions as rightly said by Mr Bajaj.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
