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2017 (5) TMI 14 - AT - Income TaxUnexplained bank deposit - ingenuity of firm - Held that:- The assessee is an individual and partner in M/s M.K. Enterprises and M/s Kailash Yadav & Company. The source of cash deposited in the bank account is out of the cash withdrawals from M/s Kailash Yadav & Company and the books of account of M/s Kailash Yadav & Company reflects such advancement in its books of account. The assessee produced cash books of M/s Kailash Yadav & Company alongwith capital account of partners and proof of filing of income tax return for A.Y. 2010-11. The assessee also submitted copy of the partnership deed of the firm and also a confirmation. Therefore, the assessee has substantially proved the source of cash deposited in the bank account. Further the Assessing Officer doubted that the partnership deed was not registered, is also cannot be made a basis for not treating the firm as a genuine. - Decided in favour of assessee
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