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2015 (11) TMI 493 - AT - Income TaxReopening of assessment - Held that:- A careful perusal of the return of income filed by the assessee would show that the assessee has declared income from capital gains and income from other sources. In the return of income it is nowhere mentioned that the assessee is a partner in the firm M/s Go Go International either in his individual capacity or as representative of M/s Sham Sunder Goenka Trust. Further, it is no where mentioned that the due date for filing return of income for the year under consideration was 30-11-2003 as per the extended time limit. Hence, in our view, it cannot be said that the assessee has disclosed all the material facts necessary for assessment fully and truly as required by the first Proviso to Section 147 of the Act. Whether assessee should be considered as “working partner” within the meaning of Explanation 4 to Section 40(b)? - Held that:- The working partner should be an individual actively engaged in conducting the affairs of the business or process of the firm of which he is a partner, meaning thereby, the individual should be a partner of the firm. In the instant case, the assessee is not a partner of the firm M/s Go Go international. He is only representing the actual partner. Accordingly, we are of the view that the AO was justified in holding that the assessee cannot be considered as working partner of M/s Go Go international. Even otherwise, the assessee has nowhere said that the accounts of M/s Go Go International is required to be audited under the provisions of the Act or under any other law, though the same is no relevant here. - Decided in favour of revenue
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