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TMI BlogSource of capital introduced in previous yearsX X X X Extracts X X X X X X X X Extracts X X X X ..... Capital introduced by partners in firm in the year 2007 and 2006, my case under scrutiny is A.Y 2008-09, query is regarding the source of capital introduced in the previous years which is opening capital in the current year under scrutiny. Whether AO can ask the source of opening capital when asseessee has filed audited statements along with ITR submitted on due dates. - Reply By GOPALJI AGRAWAL - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Reply = Just make a polite reply in writing that no fresh capital has been introduced by the partners in the previous year inter-alia. - Reply By B L Bhojwani - The Reply = Your kind attention is invited to the proviso to section 142(1), which places two fold restrictions on the powers of assessing officer under section 142(1). These are :- (a) The previous approval of the Joint Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner shall be obtained before requiring the assessee to furnish a statement of all assets and liabilities not included in the accounts; (b) The assessing officer shall not require the production of any accounts relating to a period more than three years prior to the previous year. Therefore, the assessing officer is well within his powers in calling for the details with regard to the opening ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital, since it is covered under clause (b) above. - Source of capital introduced in previous years - Query Started By: - Ashok Goyal Dated:- 18-10-2010 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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