Notice rightly issued to non-ITR filer firm on basis of statement of partner that he received profit from it

INCOME TAX : Where, during search conducted upon a partner of assessee firm, Assessing Officer clearly recorded a satisfaction that a document was found which contained details with regard to sales, gross profit and net profit of assessee firm and, further, said partner had recorded a statement on oath that he had received profit from assessee firm, however, as on date of search, no return of income was filed by assessee,INCOME TAX : Where, during search conducted upon a partner of assessee firm, Assessing Officer clearly recorded a satisfaction that a document was found which contained details with regard to sales, gross profit and net profit of assessee firm and, further, said partner had recorded a statement on oath that he had received profit from assessee firm, however, as on date of search, no return of income was filed by assessee,www.taxmann.com Latest Case LawsRead More

Leave a Reply