Addition in capital as individual

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irshad ahmed wani (Querist)
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07 February 2016 AO has been passed order under section 143(3) and has raised demand Rs 700000/= lac and interest Rs 300000/= in our firm but as on date patnership firm has been change in to proprietorship during assessment year 2016-17 If i pay the demand can capital addition only in my capital

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 February 2016 depends on how to structured the liability portions in dissolution deed. assuming that you alone are liable to pay off the liabilities, then yes the full amount will hit your capital account.

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