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2015 (4) TMI 1120 - ITAT HYDERABAD

2015 (4) TMI 1120 - ITAT HYDERABAD - TMI - Un-explained credit introduced by the partner in the firm - addition u/s 68 - Held that:- Apart from various principles on law, there is no dispute to the fact that the moneys were introduced by partner through bank and Sri Chaitanya Ravi Kumar is an assessee and in his personal capacity the investments in firm are accepted by the Revenue in the scrutiny assessments completed. In these circumstances, we are unable to confirm the same in the hands of Sri .....

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n his assessment and the same were accepted as such. As far as firm is concerned it discharged its onus and can not be expected to provide source of source in third person hands. In view of the above, we accept the genuineness of credits and delete the addition made. - Decided in favour of assessee - I.T.A. No. 1765/HYD/2012 - Dated:- 17-4-2015 - SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER For the Petitioner : Shri A.V. Raghuram, AR For the Respondent : Shri Raj .....

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r (AO) assessee was not able to produce any evidence regarding the availability of funds with the partner, hence the same was treated as unexplained credit u/s. 68 of the Income Tax Act [Act]. However, before the CIT(A), assessee has produced a copy of the bank account obtained from Union Bank of India, as such, the addition was deleted by the CIT(A). ITAT vide the order in ITA No.705/Hyd/2010 has set aside the issue to AO on the reason of not fulfilling the Rule 46A of additional evidence by CI .....

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ii. the moneys are introduced by way of bank through his personal A/c to firm s A/c and iii. Credit of partner cannot be considered as income of the firm in the first year of business; 4. Ld. DR however relied on the orders of the authorities. 5. We have considered the issue and examined the Paper Book placed on record. Apart from various principles on law, there is no dispute to the fact that the moneys were introduced by partner through bank and Sri Chaitanya Ravi Kumar is an assessee and in h .....

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"2.1. I have considered submissions made by the appellant. With regard to the addition of ₹ 90,46,903/- made u/s.68, the Assessing Officer has made this addition on the ground that copies of the bank accounts of the partner were not filed during the course of the assessment proceedings. From the copy of the ledger account filed before me it is seen that capital has been introduced mostly through transfers from United Bank of India. Copy of the bank statement was also filed to show th .....

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