Share income from the partnership firm - liability of partner - initiation of penalty

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Full Text of the Document

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....failure on the part of the assessee to return the share income from the firm in his return of income. The assessment of the partner had to be re-opened u/s. 147(a), and consequently penalty proceedings u/s. 271(1)(c) were initiated, after the Commission was pointed out by Revenue Audit. The P.A.C. has desired that suitable instructions should be issued to the assessing officers so as to avoid recu....