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2018 (5) TMI 1075 - ITAT JAIPURAddition u/s 68 - unexplained partners capital investment - Held that:- CIT-A examined the individual source of income in the hands of the each of the four partners vis-à-vis capital introduced and has given a finding that Shri Om Prakash is a only partner who has the adequate agricultural income to cover the investment in the share capital and as far as other three partners are concerned, there is a short fall of ₹ 3,90,137/-, the source of which remain unexplained. It was accordingly held by the Ld. CIT(A) that the partners capital investment to the extent to ₹ 44,09,863/- has been explained. The balance amount of ₹ 3,90,137/- remains unexplained and to that extent the addition made by the AO u/s 68 was sustained. There is nothing on record to controvert the said findings of the ld CIT(A). - Decided against assessee. Disallowance of various expenses - CIT(A) while confirming the said disallowance held that the telephone and travelling expenses do have an element of personal expenses and he therefore, confirmed the same - Held that:- No infirmity in the said findings of the Ld. CIT(A) and the same is hereby affirmed. - Decided against assessee
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