Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 753 - AT - Income TaxAddition on account of credits in the capital accounts of the three partners – Held that:- Amounts in question have been brought into the firm by the partners themselves, there is no dispute with regard to the identity of the persons - no justification for the adverse inferences drawn by the lower authorities, considering the statements of the partners and their capital accounts, copies of which are filed in the paper-book - partners, admittedly, are income-tax assessees and have given plausible explanation for the sources for the investments claimed to have been made by them in the firm - no justification for the additions under S.68 of the Act, made by the assess Addition on account of credits in the account of Ms. Priyanka, sister of the partner – Held that:- assessee discharged the onus that lies on it to establish the identity of the creditor, her credit-worthiness and the genuineness of the transaction - assertion of the assessee before us that substantial portion of the amount of Rs. 10,75,000 has been received by the assessee from Ms. Priyanka Gadodia by way of cheques - matter remaded to the file of the assessing officer Deduction under S. 80-IB of the Act - Held that:- Assessee failed to make claims u/s. 80IB in the earlier assessment years - assessee has not furnished all the relevant particulars of the relevant year for claiming deduction u/s. 80IB of the IT Act - relief under S.80IB of the Act has not been claimed in the return - there was no valid reason given by assessee for not making such a claim in earlier years, there was no infirmity in order of Commissioner (Appeals) - ground of the assessee rejected Interest under S.234B of the Act – Held that:- Provisions of S.234B of the Act come into play only if there was a liability under S.208 of the Act – in favor of assessee
|