TMI Blog2018 (1) TMI 546X X X X Extracts X X X X X X X X Extracts X X X X ..... himself and did not form any part of the capital account of the firm and, therefore, the claim made by the firm under Section 36(1)(iii) read with Section 14-A was not allowable in favour of the partners as such deduction can only be granted to a firm. Thus since the assessee failed to establish that the capital assets which had received were ever part of the firm's capital account. The deduction which had been allowed to them under that head could not have been allowed. It has rightly been disallowed. Insofar as the other aspects are concerned, the Tribunal has recorded that the assessee is a firm and is also assessed as a firm. - Decided against assessee - Income Tax Appeal No. 310 of 2010 - - - Dated:- 8-1-2018 - Hon'ble Bhara ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Commissioner of Income Tax was based on grounds different from that in the notice issued under the said Section? iv. Whether upon the facts and circumstances of the case, the Tribunal by its majority judgment was justified the dividend received or receivable on the shares by the partners directly, the profit has not been distributed in accordance with the provisions of the partnership deed in the absence of any evidence for the same and Commissioner of Income Tax had no material what so ever while passing the order under Section 263 of the Act? v. Whether upon the facts and circumstances of the case the Tribunal by its majority judgment was correct in holding that the assessee firm is liable to be assessed as an Association of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssued in their favour individually as member of the firm and had not been issued to the firm itself. The assessee filed an objection which was rejected by an order dated 31.03.2006. Against this order dated 31.03.2006, the appellant herein filed an appeal and a difference of opinion arose between the Judicial Member and the Accountant Member of the Tribunal. The Judicial Member allowed the appeal setting aside the order of the CIT (Appeals) and restored the assessment order. The Accountant Member passed a separate order on 11.12.2008 and allowed the appeal in part. The matter was referred to the third member of the Tribunal who has passed an order on 21.01.2010 agreeing with the view taken by the learned Accountant Member. We have hea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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