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TMI Blog2019 (3) TMI 892X X X X Extracts X X X X X X X X Extracts X X X X ..... herein that when sale consideration is received by partnership firm and the same is reflected in the books of account of the partnership firm and has been offered to tax then whether the same amount can be assessed in the hands of the individual partners for the purpose of taxation. These cases were heard together. Since facts are similar and issues are common, these appeals are being disposed of vide this consolidated order. For the sake of convenience, we would refer to the facts appearing in ITA No.1028/PUN/2017. 3. The brief facts in this case are that the assessee filed return of income for assessment year 2008-09 on 30.07.2008 showing return income at Rs. 2,70,271/-. The return was processed u/s.143(1) of the Income Tax Act, 1961 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and not shown his share of cash receipt in his return of income and therefore, notice u/s.148 of the Act was issued to the assessee. The assessee in his submissions stated that Shri Sunil Kothari in his statement nowhere asserted that he paid the cash amount to the assessee and other. The statement only stated that cash has been paid to the vendors. The assessee further stated that the transaction of sale of property has been carried out by B.U Bhandari Real Estate Corporation. The assessee submitted that no cash has been received by the assessee. The contention of the assessee did not find favour with the Assessing Officer. It was observed by the Assessing Officer that assessee is one of the beneficiary of cash received in this land transa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the paper book as Annexure-6. The transaction is duly reflected in the books of account of the firm having received money from M/s.Cornerstene Estates Pvt. Ltd. The land at village Wakad which has been sold by the partnership firm is already reflected in the books of account of the partnership firm and the sale consideration that has been received at Rs. 5,94,00,000/- and that income has already been offered to tax in the hands of the partnership firm. The Ld. AR further contended that when the transaction being done by partnership firm, the amount received by partnership firm and it has been offered to tax in the return of income of the partnership firm, then in no possible manner, the amount could be made taxable in the hands of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set aside the order of the Ld. CIT(Appeals) and allow the appeal of the assessee. 10. In the result, appeal of the assessee in ITA No.1028/PUN/2017 is allowed. 11. In other appeal filed by the assessee in ITA No.1029/PUN/2017, the facts and circumstances of the case are identical except the amounts. Since all other facts, arguments of the parties are same and similar, the same ruling as in ITA No.1028/PUN/2017 shall apply mutatis-mutandis to other appeal herein also. Therefore, for this case also, we set aside the order of Ld. CIT(Appeals) and allow the appeal of the assessee on the same examination of facts and circumstances. 12. In the combined result, appeals of the assessees in ITA Nos.1028 & 1029/PUN/2017 are allowed. Order pronou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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