Taxation of Firm’s Income Exclusively in Firm’s Hands, Not Partners: ITAT Mumbai

Ketan Tokershi Shah Vs DCIT (ITAT Mumbai) Income belonging to the firm whether disclosed or undisclosed can be taxed only in the hands of the firm and not in the hands of the partner Introduction: The recent case of Ketan Tokershi Shah vs. DCIT (ITAT Mumbai) addresses a critical issue in taxation concerning whether income belonging to a firm, whether disclosed or undisclosed, can be taxed only in the hands of the firm and not in the hands of the partner. The appeal, dated 26/07/2023, contested an addition made by the Assessing Officer to the tune of Rs. 6,16,89,505/- on account of an alleged c...