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1 - 5 of 5 (0.40 seconds)Section 148 in The Income Tax Act, 1961 [Entire Act]
Section 131 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs Metachem Industries on 1 September, 1999
18. The ld. CIT(A) has examined the facts and primarily on the ground
that the partners were independently subjected to tax and they have
confirmed the said introduction of capital in their capital account as per
the statement recorded under section 131 of the Act and that the source
was stated to be out of the inherited gold and silver hence following few
case laws held that the firm could not be assessed in respect of the capital
introduced by the said partners. Reliance was placed on several decisions
namely - (1) CIT vs. Metachem Industries 245 ITR 160 (M.P) and (2)
ACIT vs. Patel Rajesh Kumar Kantilal 64 TTJ 460.
Section 133A in The Income Tax Act, 1961 [Entire Act]
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