Non Explanation of Fund Received from partner sufficient ground for Reassessment

HIGH COURT OF KARNATAKA Kaveri Associates v. Assistant Commissioner of Income-tax, Circle 5(1) IT APPEAL NO. 27 OF 2011 JULY 10, 2012 JUDGMENT 1. This is an appeal by the assessee under section 260-A of the Income Tax Act, 1961 [for short ‘the Act’] against the order of the Tribunal dated 23.09.2010 and on the premise that the Tribunal has committed errors and illegalities in dismissing the appeal of the assessee. 2. The assessee – appellant is a partnership firm said to have been constituted on 16.3.1996 in the name and style of M/s. Kaveri Associates and ha...