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2013 (7) TMI 1138

..... i S.L. Maurya, Sr. D.R. ORDER PER A.L. GEHLOT, ACCOUNTANT MEMBER: This is an appeal filed by the assessee against the order dated 30.08.2011 passed by the ld. CIT(A), Ghaziabad for the Assessment Year 2003-04. 2. The assessee has raised the following grounds of appeal :- 1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. A.O. completing the assessment under section 144 while there was no material on record to warrant for completion of assessment under section 144. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld., A.O. in not allowing the depreciation on fixed assets .....

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..... en some more leverage of ₹ 50,000/- each to all the partners and accordingly allowed relief of ₹ 3,00,000/- and balance addition of ₹ 9,70,842 has been confirmed. 6. The ld. Authorised Representative submitted that the assessee has explained with evidence and material that all the partners were having sufficient cash balance to introduce the fresh capital. The ld. Authorised Representative submitted that it is admitted fact that the capital has been introduced by the partners. The A.O. himself has accepted the cash availability of the partners to the extent of ₹ 20,000/- and the CIT(A) has accepted it at ₹ 50,000/-, which means the amount has been given by the partners as their capital contribution. The ld. Aut .....

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..... arged. The ld. CIT(A) rightly directed the AO to take action against the partner in his individual case if he was not satisfied about his creditworthiness. The decision cited by the ld. DR is with regard to the cash credit introduced by the partner u/s. 68 of the IT Act which is distinguishable from the facts of the present case, in which the assessee firm received capital contribution from the partner, which is necessary for running of the business of the assessee firm. Considering the facts of the case in the light of above decision, we do not find any merit in the departmental appeal. The same is accordingly dismissed. 5. In the result, the appeal of the Revenue is dismissed. 7. The ld. Departmental Representative, on the other hand, rel .....

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