Cash Seized from Partner’s Premises Cannot Be Adjusted Against Partnership Firm’s Tax Liability: ITAT [Read Order]
Despite the cash being found at the partner’s premises, the firm had provided sufficient evidence, including an affidavit and cash book records, to prove ownership
The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that cash seized from a partner’s premises cannot be automatically deemed adjustable against the partnership firm’s tax liability. Anand Sweets & Savouries,the appellant-assessee, appealed against the Commissioner of Income Tax(Appeals)[CIT(A)]’s decision regarding the assessment year( AY ) 2016-17, where the CIT(A) upheld the…
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