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2015 (4) TMI 1120 - AT - Income TaxUn-explained credit introduced by the partner in the firm - addition u/s 68 - Held that:- Apart from various principles on law, there is no dispute to the fact that the moneys were introduced by partner through bank and Sri Chaitanya Ravi Kumar is an assessee and in his personal capacity the investments in firm are accepted by the Revenue in the scrutiny assessments completed. In these circumstances, we are unable to confirm the same in the hands of Sri Chaitanya Ravi Kumar which can only be assessed in his hands. As far as the firm is concerned, the genuineness of credit, identity of creditor was established. We were surprised that Ld. CIT(A) deferred from her predecessor without any reason. Thus we have no hesitation in holding that the credits are genuine and there is no scope to make addition in the hands of the firm. What AO was asking the firm to prove is the source in the hands of Sri Chaitanya Kumar, which can only be done in his assessment and the same were accepted as such. As far as firm is concerned it discharged its onus and can not be expected to provide source of source in third person hands. In view of the above, we accept the genuineness of credits and delete the addition made. - Decided in favour of assessee
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