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2014 (2) TMI 1370 - AT - Income TaxAdditions on the basis of transactions found in the bank account in the name of partner - bank account of the Partnership firm, which was opened in the name of a Partner is not accepted - HELD THAT:- The partnership deed was made effective from 23.03.2007 and the relevant assessment year involved is 2008-09. It means that the partnership firm has now owned up this account, the revenue should take action in the hands of the firm and not in the hands of individual, if law permits - the AO is directed to delete this addition in the hands of individual i.e. the assessee and if any action is required i.e. required in the hands of the firm and not in the hands of the individual - decided in favor of assessee. Addition on account of Gross profit - restriction on the addition of peak credit at ₹ 10,60,742/- as against the total addition of ₹ 18,02,087/- - HELD THAT:- The bank account maintained with Axis Bank is under dispute i.e. the deposits and withdrawals at ₹ 1,02,92,960/-. The AO has added peak credits at ₹ 18,02,087/- and CIT(A) restricted the peak at ₹ 10,60,742/-. As, it is already adjudicated, that this bank account belongs to partnership firm and not to the individual, taking the same view, the AO is directed to take action in the hands of the firm, if any and that also as per law. Appeal of assessee allowed.
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