Share income from the partnership firm - liability of partner - initiation of penalty

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..... firm did not notice the failure on the part of the assessee to return the share income from the firm in his return of income. The assessment of the partner had to be re-opened u/s. 147(a), and consequently penalty proceedings u/s. 271(1)(c) were initiated, after the Commission was pointed out by Revenue Audit. The P.A.C. has desired that suitable instructions should be issued to the assessing off .....

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