The Income Tax Appellate Tribunal (ITAT), Cuttack bench has held that a Firm cannot be assessed for the unexplained cash credit under Section 68 of the Income Tax Act, 1961 in respect of the capital introduced by the partner. In the instant case, one of the partners of the assessee- Firm, Smt. Lalita Jain introduced […]
The post Firm cannot be Assessed for Unexplained Cash Credit in respect of Capital introduced by Partner: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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