Addition of capital by partners can't be taxed in firm's hands. Deduction u/s 35AD denied for lack of CA certificate.

Addition of capital by partners can't be taxed in firm's hands. Deduction u/s 35AD denied for lack of CA certificate. https://www.taxtmi.com/highlights?id=80154 Addition of capital contribution by partners in assessee firm cannot be made in hands of firm; any addition, if required, should be in hands of individual contributing partners. Regarding deduction u/s 35AD, assessee did not furnish requisite form certified by Chartered Accountant as mandated by Section 80-IA(7); Assessing Officer erred by not inquiring into this aspect before allowing substantial deduction u/s 35AD; assessment order held erroneous and prejudicial to Revenue's interest on this issue. en-us Tue, 06 Aug 2024 07:50:36 +0530 Tue, 06 Aug 2024 07:50:36 +0530 TaxTMI RSS Generator Addition of capital by partners can't be taxed in firm's hands. Deduction u/s 35AD denied for lack of CA certificate. https://www.taxtmi.com/highlights?id=80154 Addition of capital contribution by partners in assessee firm cannot be made in hands of firm; any addition, if required, should be in hands of individual contributing partners. Regarding deduction u/s 35AD, assessee did not furnish requisite form certified by Chartered Accountant as mandated by Section 80-IA(7); Assessing Officer erred by not inquiring into this aspect before allowing substantial deduction u/s 35AD; assessment order held erroneous and prejudicial to Revenue's interest on this issue. Highlights Income Tax Tue, 06 Aug 2024 07:50:36 +0530 https://www.taxtmi.com/highlights?id=80154