Unexplaines Investments

Last updated: 19 February 2008

Court :
Allahabad High Court

Brief :
Whether the amount of unexplained cash credits are to be added in the total income of the firm even though the amount was already included in the total income of the partners.

Citation :
Jagmohan Ram Ram Chandra & Girish Narain Vs. C.I.T

Held by the court that the firm and partners are treated as the separate assesse under the act and are asssessed separately under the different provisions of the act. Hence, the income from undisclosed sources should be assessed separately in the hands of firm and partners.