25 September 2010
I AM A CA.DOING PRACTISE OF I.TAX. ONE OF MY ASSESSEE (PARTNERSHIP FIRM) HAS STARTED ANOTHER BUSINESS IN THE P.Y.09-10 WITH OTHER NAME BUT HAVING SAME PARTNERS AND SAME PROFIT SHARING RATIO. BUSINESS IS NOT OF SAME KIND. NOW THE ORIGINAL FIRM IS NOT IN THE AMBIT OF TAX AUDIT BUT THE LATER ONE IS. SHOULD I AUDIT FIRM OR ONLY LATER FIRM ????? SHOULD I PREPARE AUDIT REPORT WITH BOTH FIRM'S DATA ???? IN OTHER WORDS WHETHER TWO FIRMS HAVING SAME PARTNERS AND HAVING SAME PROFIT SHARING RATIO (BOTH HAVING DIFFERENT KIND OF BUSINESS),INCOME OF THE BOTH THE FIRMS SHOULD BE CLUBBED OR NOT ??
CAclubindia
