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Income Tax - Highlights / Catch Notes

Home Highlights March 2012 Year 2012 This

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

Income Tax

March 6, 2012

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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