One of Our Client is having business in his individual name as well as as a partner. He is transfering Cash from Firm to his proprietory concern. (For the FY 2010-11 it is 12000000). Whether this transaction is allowable as per Income Tax Act?
If any problems are there, under which section of Income Tax?
under audit of firm it will get objected and file may face investigation
THIS IS THE CASE WHERE ASSESSEE VOLUNTARILY TRANSFERS INCOME WHICH IS TAXABLE UNDER HANDS OF ORIGINAL RECEIVER OF SUCH INCOME i.e THE FIRM
CCI
Pro
CAclubindia
