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HomeDirect TaxS. 68 First Proviso Applies Only To Companies, Not Partnership Firms: ITAT 

S. 68 First Proviso Applies Only To Companies, Not Partnership Firms: ITAT 

Direct Tax

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By Mariya Paliwala
ITAT

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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the first proviso to Section 68 of the Income Tax Act, 1961 requiring an assessee to explain the “source of source” applies only to companies and not to partnership firms.  The bench of Narender Kumar Choudhry (Judicial Member) and Prabhash Shankar (Accountant Member)…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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