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2016 (3) TMI 91 - ITAT AHMEDABADAddition on account of unaccounted cash receipts - Held that:- Undisputedly the impugned addition is made only on the basis of loose paper which shows that certain payments were made for acquiring the share in the partnership firm. Assuming yet not accepting that the said payment was actually made but then it was made for acquiring the share in the partnership firm. This by its very nature is a capital receipt in the hands of the Assessee. Therefore assuming yet not accepting that even this transaction has taken place it is a capital receipt which cannot justify the impugned additions. We accordingly set aside the findings of ld. CIT(A) and direct the A.O to delete the impugned addition of ₹ 5 lacs made on account of unaccounted cash receipts. - Decided in favour of assessee Addition u/s. 68 - Held that:- The counsel for the assessee reiterated what has been stated before the lower authorities. The D.R. supported the finding of Revenue authorities. We have given a thoughtful consideration to the order of the authorities below. We have also gone through the affidavit filed before the ld. CIT(A). In our considered opinion the ld. CIT(A) should not have rubbished the affidavit without going into the merits. Therefore in the interest of justice and fair play, we restore this issue to the files of the A.O. The A.O is directed to decide the issue afresh in the light of the contents of the affidavits. Keeping in mind, the ratio laid down by the Hon’ble Supreme Court in the case of Mehta Parekh & Company [1956 (5) TMI 4 - SUPREME Court]. - Decided in favour of assessee for statistical purposes. Penalty u/s 271(1)(c) - disallowance of depreciation - Held that:- Undisputedly the assessee claimed depreciation which was not permissible during the period in which the delivery vans were purchased. However, in our considered opinion a mere making of a claim which is not sustainable in law will not amount to furnishing inaccurate particulars. We draw support from the decision of Hon’ble Supreme Court in the case of Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT ]. - Decided in favour of assessee
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