Answers By Expert: Law Intern
what are the tax implications on a retiring partner and the partnership firm when a partner retires from a firm having fixed assets (without revaluation of the fixed assets i.e. land or immovable property or without fair market value of the fixed assets)?
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Sir in my client case IT dept got an information during a search conducted at the premises of the supplier from whom my client used to purchase goods that my client had made a payment of Rs. 863000/_ to the supplier in cash for payment of goods, hence to verify the same case of my client re opened and now has alleged that why this as much amount of cash payment shhould be added in income u/s 69C of IT Act. however during reassessment proceding my client had furnished all the bills and copy of a/c of supplier alongwith bank…
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tax implications on a retiring partner and partnership firm which has immovable property without having done revaluation or fair market valuation