Unexplained Investments ::
Court :
High Court
Brief :
The income from undisclosed sources should be assessed separately in the hands of firm and partners.
Citation :
Jagmohan Ram Ram Chandra & Girish Narain Vs. C.I.T
Unexplained Investments
Jagmohan Ram Ram Chandra & Girish Narain Vs. C.I.T 25/8/2004
(2005)274 ITR 405 (Allahabad)
Case Fact: 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.
Decision: 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.
CA.Saibaburao Nanduri
Published in Income Tax
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