Partner has brought in cash as capital.. the case is selected for scrutiny... is any violation committed under income tax act...?????
Deepak Sharma (CA FINAL) (74 Points)
23 November 2011Partner has brought in cash as capital.. the case is selected for scrutiny... is any violation committed under income tax act...?????
Deepak Sharma
(CA FINAL)
(74 Points)
Replied 23 November 2011
the requirement is to quote any section or case law where the same is permissible...
Deepak Sharma
(CA FINAL)
(74 Points)
Replied 23 November 2011
chennai..... the requirement is quote any case law or section no where the same is permitted ot not dissallowable...
Vikas
(CA)
(1135 Points)
Replied 23 November 2011
Deepak Sharma
(CA FINAL)
(74 Points)
Replied 25 November 2011
good try friend.... but the practice is not as simple as common sense.. the capital is brought in as CASH.. and not routed through bank.. so it is getting added to income... and now this needs to be justifeid...
Mitul Shah
(Article Assistant)
(34 Points)
Replied 25 November 2011
If the amount of the CASH brought for SHARE in PARTNERSHIP is Substantial or Greater in SIZE than the SOURCE of the same has to be Disclosed if the same is ASKED for & if it is Unaccounted CASH the same may be ADDED TO the Income by the Assessing Officer.
Regards
Mitul Shah
Vikas
(CA)
(1135 Points)
Replied 27 November 2011
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