Source of capital introduced by the partners - When the ...

AO Cannot Question Firm's Capital Source If Explained as Partner Contributions; Probe Partners Individually for Source Genuineness.

March 6, 2012

Case Laws Income Tax AT

Source of capital introduced by the partners - When the assessee has explained the amounts as capital contributions by the partners, the AO is not justified in holding that the assessee has not explained the source. In case the Assessing Officer doubted the genuineness of the source, he should have considered the same in the hands of the partners only and not in the case of the firm. - AT

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Source of capital introduced by the partners - When the ...

AO Cannot Question Firm's Capital Source If Explained as Partner Contributions; Probe Partners Individually for Source Genuineness.

March 6, 2012

Case Laws Income Tax AT

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