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2016 (5) TMI 1174 - PUNJAB AND HARYANA HIGH COURT

2016 (5) TMI 1174 - PUNJAB AND HARYANA HIGH COURT - TMI - Addition u/s 68 - failure to produce evidence in respect of credit entries in the capital account of the partner - Held that:- Learned counsel for the assessee has produced a copy of the assessment order dated 20.12.2010 passed by the Assessing Officer, whereby the claim of the assessee has been accepted. The said order is taken on record. However, it is not disputed by the learned counsel for the revenue that after remand, the order was .....

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was neither controverted by the revenue nor any contrary material was produced before the Tribunal to show that the addition of ₹ 6,16,645/- was wrongly deleted.- Decided in favour of the assessee - ITA No. 705 of 2009 (O&M) - Dated:- 4-5-2016 - MR. AJAY KUMAR MITTAL AND MR. JUSTICE SHEKHER DHAWAN, JJ. For The Appellant : Mr. Z.S. Klar, Advocate For The Respondent : Mr. S.K. Mukhi, Advocate AJAY KUMAR MITTAL, J. 1. This order shall dispose of two appeals bearing ITA Nos. 705 of 2009 and 38 .....

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ment year 2003-04. The appeal was admitted by this Court vide order dated 27.7.2010 for considering the questions proposed in para 5 of the appeal which are to the following effect:- I) Whether on the facts and in law, the Hon'ble ITAT was justified in restoring the matter to the file of the A.O. when the counsel of the assessee agreed to the addition of ₹ 1,30,00,000/- under Section 68 of the Act, on account of failure to produce evidence in respect of credit entries in the capital ac .....

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Assessing Officer during the appellate proceedings that the entries were not supported by the Bank accounts? III) Whether on the facts and in law the Hon'ble ITAT was legally justified in observing that capital accounts of the partners in the firms are duly verifiable from the return of income of the firms while restoring the issue to the file of the Assessing Officer to verify the records/claim of the assessee and to decide as per the provisions of the Act? IV) Whether on the facts and in l .....

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rovisions of Section 40A(2) (a) read with Section 40A(2)(b) of the Act? 3. Briefly stated, the facts necessary for adjudication of the instant appeal as narrated therein may be noticed. The assessee filed its return of income on 30.11.2003 for the assessment year 2003-04 showing net loss of ₹ 1,76,14,565/-. The case was taken up for scrutiny. The Assessing Officer framed the assessment under Section 143(3) of the Act vide order dated 30.1.2006 (Annexure A-1) by making additions under vario .....

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Assessing Officer levied penalty amounting to ₹ 56,19,129/- under Section 271(1)(c) of the Act. The assessee also filed appeal against the order of penalty before the CIT(A). The CIT(A) vide order dated 14.3.2008 (Annexure A-2) deleted the additions of ₹ 1.30 crore and ₹ 6,16,645/- made by the Assessing Officer. The imposition of penalty was also set aside vide order dated 17.3.2008. The revenue assailed the order, Annexure A-2, before the Tribunal and also challenged order de .....

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deleting the penalty was upheld by the Tribunal vide order dated 30.4.2009. Hence, the instant appeals. 4. We have heard learned counsel for the parties. 5. Regarding question Nos. (I) to (IV) relating to disallowance of ₹ 1.30 crore on account of unexplained cash credits in the capital account of partners in ITA No. 705 of 2009, it was noticed by the Tribunal that there was no dispute that the return of the firm had become final as no proof of filing any appeal had been furnished before .....

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copy of the assessment order dated 20.12.2010 passed by the Assessing Officer, whereby the claim of the assessee has been accepted. The said order is taken on record. However, it is not disputed by the learned counsel for the revenue that after remand, the order was passed on 20.12.2010 accepting the version of the assessee. 7. In view of the above, questions No.(I) to (IV) are decided against the revenue and in favour of the assessee. 8. Adverting to question No. (V) regarding deletion of addit .....

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rial was produced before the Tribunal to show that the addition of ₹ 6,16,645/- was wrongly deleted. The relevant findings recorded by the Tribunal read thus:- 4. The last ground raised by the Revenue is that the first appellate authority erred both on law and on facts in deleting the addition of ₹ 6,16,645/- on account of disallowance of interest paid to M/s Saini Car Scheme. The learned Sr. DR supported the assessment order whereas the ld. counsel for the assessee defended the impu .....

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