Is a director of company deemed partner of a firm in which t

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Pratik Agrawal (Querist)
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14 December 2011 A partnership firm having tax audit u/s 44AB has two partners: a company and a trust. So are the directors and the beneficiaries of co. and trust deemed to be partners of the partnership firm and allowed to file return upto the date allowed to the tax audited firm. In my case the directors and beneficiaries have filed the return after individual dates but before partnership firm due date but are not allowed to carry forward their long term and short term capital losses. Please help with case laws or relevant sections as appeal is to be filed.

Guest

Guest (Expert)

14 December 2011 Dear Mr. Pratik,

Kindly be informed that directors are not treated as deemed partners of partnership firm. Hence they have to file their return till 31st july only instead of 30th September . In your case company is partner of firm hence directors should file return till 31st July applicable for individual/ non tax audit assessee.

Moreover they will not be allowed to carry forward loss since ITR is filed after due dates. In my opinion your appeal is not maintainable.

Regards, Neha

Pratik Agrawal

Pratik Agrawal (Querist)
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14 December 2011 Dear Ms. Neha

What about the beneficaries of the trust? Can they file the ITR till 30th september? Because the income of the beneficaries is affected by the income of the trust which depends on the profit from partnership firm.

Regards Pratik

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Guest

Guest (Expert)

14 December 2011 Sorry, I am not sure abt this.

Let other learned experts answer this.

I await their replies.

Pratik Agrawal

Pratik Agrawal (Querist)
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14 December 2011 Ok...Thanks
Even i await theri replies.