Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (3) TMI 1442 - BOMBAY HIGH COURTUnexplained cash credit in the form of WIP (work-in-progress) - amount credited to the current capital account of the partner of M/s. S. K. Banerjee and debited to different accounts - Held that:- Identity of the party is well established due to the fact that one partner of the old firm is common with the new firm, i.e., the J. V. Firm and that the amount is credited to his account. The authorities have concluded on the facts that there is only a transfer of WIP from the earlier firm to the assessee and that there is no reason to either doubt the genuineness of the transaction or the capacity. Thus no reason to disagree with the findings of fact which are based on evidence. CIT rightly deleted the addition made on ground that assessee has successfully established the source of the credit entry in the partners' capital account - Decided in favor of assessee
|