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2018 (1) TMI 861 - HC - Income TaxAddition on account of capital introduction by one of the partner of the firm u/s 68 - Held that:- When the assessee has furnished the details with regard to the source of the capital introduced in the firm and the concerned partner had confirmed such contribution, the assessee had duly discharged the onus cast upon it. If the Assessing Officer was not convinced about the creditworthiness of the partner who had made the capital contribution, the inquiry had to be made at the end of the partner and not against the firm. The controversy involved in the present case, therefore, stands squarely covered by the decision of Commissioner of Income-tax v. Pankaj Dyestuff Industries [2005 (7) TMI 601 - GUJARAT HIGH COURT] as held no addition can be made with regard to the partner’s capital introduction in the hands of the partnership firm and dismissed the appeal. - Decided in favour of assessee
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