TMI Blog2014 (2) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... FF INDUSTRIES [2005 (7) TMI 601 - GUJARAT HIGH COURT] - the assessee had furnished the details, which would discharge the onus which lay on the assessee – Decided against Revenue. - Tax Appeal No. 52 of 2013 - - - Dated:- 13-1-2014 - Akil Kureshi And Sonia Gokani,JJ. For the Petitioner : Mr. Pranav G. Desai, Advocate ORDER (Per : Honourable Mr. Justice Akil Kureshi) 1. The Revenue is in appeal against the judgment of the Incometax Appellate Tribunal (hereinafter referred to as the Tribunal ) dated August 31, 2012, raising the following substantial questions of law : (i) Whether in the facts and circumstances of the case and in law, the Appellate Tribunal is justified in coming to the conclusion that the cash credit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers could not be assessed in the hands of the firm as the Assessing Officer did not bring any material to show that the said amounts represented unaccounted income of the firm and that the partners had no capacity to make such investments. 3. The Revenue carried the issue further in appeal before the Tribunal. The Tribunal also relied on the decision in the case of Pankaj Dyestuff (supra) and also on the decision of the Allahabad High Court in the case of CIT v. Jaiswal Motor Finance, reported in 141 ITR 706 (Alld.), making the following observations : 27. We have heard both the parties. The impugned addition has been made by the AO on the ground that the assessee has failed to satisfactorily explain the nature and source of impugned i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not hold that the capital was, in fact, not introduced by the partners, but it was only in disguise the cash credit of the firm. Significantly, the partners were also subjected to tax assessment. Their assessment orders were placed on record, which showed that in the return of income, they declared the income from agricultural operations. They have produced extracts of 7/12 and 8A of the lands in support of their claims. In that view of the matter, the Tribunal was perfectly justified in applying the ratio of the decision of this Court in the case of Pankaj Dyestuff (supra), in which it was held and observed as under : 15. .. .. 13. Applying the aforesaid principles to the facts of the present case, it is apparent that the assessee h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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