Cash receipts belonging to Partnership Firm cannot be taxed in hands of partner

Advertisement Uppalaiah Ravula Vs ACIT (ITAT Hyderabad) The Hyderabad Bench of the ITAT held that additions made in the hands of an individual partner on account of cash receipts found and impounded during survey proceedings under Section 133A were unsustainable, as the receipts pertained to transactions of the partnership firm and not to the assessee in his individual capacity. The assessee, an LIC commission agent and a partner in M/s. Srinidhi Real Estate and Constructions, was subjected to reassessment on the basis of impounded material showing receipt of Rs. 50,00,000 for AY 2015–16 ...