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Addition for difference in Share of profit from Partnership due to Mistake in lowering the same not sustainable
Case Law Details
- Case Name
- Sumit Tayal Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
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Sumit Tayal Vs ITO (ITAT Pune)
Admittedly, the assessee filed revised return on 31-07-2016 showing share in partnership firm M/s. Nirman Reality at Rs.49,97,480/-. The accounts of the partnership firm were actually finalised later on 24-092016 and the assessee’s share was determined at Rs.45,85,406/-. This change in the share in the profit of the partnership firm took place, inter alia, with the corresponding increase in the assessee’s salary originally from the firm at Rs.3.00 lakh which was raised to Rs.5.00 lakh. In the original return, salary income from the firm was shown at Rs.3.00...
