High Court Upholds ITAT Decision: Withdrawals in Partners' Names Not Unaccounted Income Per Section 292C of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Unexplained income - whether withdrawals in the name of the partners of the firm represents the unaccounted income of the firm? - The Tribunal first looked into Section 292C of the Act and thereafter, noticed from the materials on record that the note in question was duly signed not only by all the partners of the firm, but also by three witnesses. The names of the partnership firm also figured in it. The Tribunal also took notice of the fact that the withdrawal of the money was from the firm. - No substantial law against the Additions confirmed by the ITAT - HC....