Assessment of a partner of a partnership firm
This query is : Resolved
22 March 2016
interest on capital is not provided in the books of account eventhough it is authorised by partnership deed. Firm has paid tax on income without claiming deduction of interest on capital. Can A.O assess the interest not provided in the accounts in the hands of the partner?
22 March 2016
No AO can't do that as tax has been paid on that by the firm.
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