Tax

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AMITA KOCHER (Querist)
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07 December 2012 Xand Y are partners of partnership firm . A.O of X is of the opinion that the income returned by X is actually taxable in hands of Y. A.O. in order to safeguard the interest of revenue assessed the income in hands of both X & Y . He recovered tax from both. He imposed liability u/s271(1)(c) on Y for cocealing the same. Comment on the actions of the A.O

@VaibhavJ

@VaibhavJ (Expert)
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07 December 2012 Hey

This was the Question asked in CA final Exam of Nov12 right?

AMITA KOCHER

AMITA KOCHER (Querist)
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10 December 2012 yes , u r ryt.....

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@VaibhavJ

@VaibhavJ (Expert)
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13 December 2012 Hi

Sorry for delay in reply was searching case law, it is :Supreme Court decision in Dharmendra Textile Processors — Does it change the law on S. 271(1)(c).

Pl refer full details here at:http://taxguru.in/income-tax/supreme-court-decision-in-dharmendra-textile-processors-%E2%80%94-does-it-change-the-law-on-s-2711c.html

Thanks//Vaibhav