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TMI Blog2022 (10) TMI 355X X X X Extracts X X X X X X X X Extracts X X X X ..... order for the sake of convenience. Both the parties are agreed that the decision taken in ITA.No.803/Del./2020 for the A.Y. 2010-11 be applicable in other two appeals. I, therefore, culled out facts for the A.Y. 2010-11 in ITA.No.803/Del./2020 in the case of Manish Gupta. 2. Briefly stated facts of the case are that the assessee is a partner in the partnership firm viz., M/s. Delhi Plastic Industries. The assessee is having 1/3rd equal share on par with other co-partners in the partnership firm on its profit and losses. The assessee filed his return of income on 01.05.2017 declaring total income at Rs.1,77,960/-. The A.O. received an information that the assessees' partnership firm has sold immovable property for Rs.1,08,90,000/- on 06.07. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 440/- to the total income of assessee and thus, computed the total income of assessee at Rs.12,17,733/- under section 147/143(3) of the I.T. Act, 1961 dated 30.12.2017 as against the returned income of assessee at Rs.1,77,960/-. 3. Aggrieved by the order of the A.O, the assessee carried the matter in appeal before the Ld. CIT(A) and reiterated the submissions made before the A.O. It was the contention of the assessee before the Ld. CIT(A) that the property [plot] in question was purchased in the name of partners for the benefit of the Partnership Firm out of Partnership Firm funds through banking channel for a consideration of Rs.50,55,320/- [which includes brokerage charges to Tiwari Property] and the said property was sold in April/May, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds by the individual partners and no investment have been made by the individual partners for purchase of property in question and the funds are emanated out of the Partnership Firm only which have been shown in the audited financial accounts as well as in the balance sheet of the partnership Firm which fact has not been disputed by the lower authorities. Even when the property in question was sold, the amount received by the partners have been immediately transferred to Partnership Firm Account and shown in the balance-sheet and paid taxes thereon. Therefore, there is no role at all of the partners of investing any sum for purchase of the property in question and subsequently, when it was sold, the surplus amount has not been bifurcated a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Partnership Firm. Further for purchase or subsequent sale of the said property, the individual partners have not contributed anything out of their own funds and in fact, the surplus amount received in the name of individual partners, was also credited to partnership firm account immediately on execution of sale deed, through banking channel, which fact is also not denied by the lower authorities. It is a crystal clear fact that the funds are not utilized out of the individual partner's and the entire sum has been paid by the partnership Firm through banking channel and duly shown in it's audited accounts and balance-sheet which is also not disputed by the authorities below. In fact, after deducting the cost of acquisition and other exp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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