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2013 (7) TMI 1138

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..... l :- 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 put to use during the year. 3. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in partly confirming the action of Ld. A.O. of making an addition of .....

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..... 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. Authorised Representative submitted that when the assessee firm has prima facie established the amount as introduced by partner .....

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..... 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, relied upon the order of CIT(A). He also relied upon the judgment of Hon b .....

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