Case Law Details
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 cash credit under section 68 of the Income Tax Act for the Assessment Year 2016-17.
Factual Background:
1. Ketan Tokershi Shah, an individual, is a partner in various firms, including the partnership firm M/s Monarch and Qureshi Builders, engaged in real estate and construction.
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