Addition u/s 68 - capital contribution by the partners in the ...

Partnership Firm Not Required to Prove Source of Partners' Contributions u/s 68; Individuals Accountable Instead.

August 28, 2017

Case Laws Income Tax AT

Addition u/s 68 - capital contribution by the partners in the partnership firm - the assessee could not be expected to prove the source of source and addition which could be made on this account, could be made in the hands of the respective partners only.

View Source

← Previous Next →

Addition u/s 68 - capital contribution by the partners in the ...

Partnership Firm Not Required to Prove Source of Partners' Contributions u/s 68; Individuals Accountable Instead.

August 28, 2017

Case Laws Income Tax AT

You may also like:

Unexplained cash credit u/s 68 - cash received from partners - difference pointed out by the AO as capital introduced by both the partners of the assessee firm different...

Addition u/s 68 in the hands of partnership firm - capital introduced by five partners, which in turn was out of the loan advanced - The Appellate Tribunal (AT) examined...

Exemption u/s 10(26) - Exemption to individual members of Scheduled Tribes - Whether a partnership firm, formed by individual partners who are entitled to an exemption...

Addition u/s 68 - unexplained cash credit - capital contribution in cash by the partners - While deleting the additions, the Tribunal held that, if the Ld. AO was not...

The SC affirmed that property contributed by a partner to a partnership firm becomes firm property under Section 14 of the Partnership Act. In this case, the late Bhairo...

Taxing the right person - land transaction done by the partnership firm - assessment in the hands of partners or partnership firm - sale consideration received by...

Unexplained cash credit u/s 68 - partnership firm is not liable to justify the source of fund in the hands of the partner - if the AO is not convinced about the...

Rejection of registration of a partnership firm constituted by the petitioner - whether LLP can be treated as a person which can be permitted to form a partnership with...

Addition u/s 69 - deposit made into the partnership firm by partners - Capital contribution by the partners cannot be treated as income of the assessee and if the...

Addition made on account of bad debt - It is nothing but the assessee is trying to enjoy the benefit of section 36(1)(vii) of the Act through back door, which is not...

Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

Status of assessee as "AOP" instead of "partnership firm" - The assessee firm was comprised of four individual partners who were representing their respective firms -...

Demand of service tax on partners services to partnership firm - separate identity - mutuality of services - there cannot be a service provider – service recipient...

Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

Imposition of penalty - If any liability arises against the partnership firm i.e. shifted on partners of partnership firm in the sharing ratio of the partners,...

Quick Updates: