Addition of capital contribution by partners in assessee firm ...

Addition of capital by partners can't be taxed in firm's hands. Deduction u/s 35AD denied for lack of CA certificate.

August 6, 2024

Case Laws Income Tax AT

Addition of capital contribution by partners in assessee firm cannot be made in hands of firm; any addition, if required, should be in hands of individual contributing partners. Regarding deduction u/s 35AD, assessee did not furnish requisite form certified by Chartered Accountant as mandated by Section 80-IA(7); Assessing Officer erred by not inquiring into this aspect before allowing substantial deduction u/s 35AD; assessment order held erroneous and prejudicial to Revenue's interest on this issue.

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Addition of capital contribution by partners in assessee firm ...

Addition of capital by partners can't be taxed in firm's hands. Deduction u/s 35AD denied for lack of CA certificate.

August 6, 2024

Case Laws Income Tax AT

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