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.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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