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Addition of capital contribution by partners in assessee firm cannot be made in hands of firm; any addition, if required, should be in hands of individual contributing partners. Regarding deduction u/s 35AD, assessee did not furnish requisite form certified by Chartered Accountant as mandated by Section 80-IA(7); Assessing Officer erred by not inquiring into this aspect before allowing substantial deduction u/s 35AD; assessment order held erroneous and prejudicial to Revenue's interest on this issue.
Addition of capital contribution by partners in assessee firm cannot be made in hands of firm; any addition, if required, should be in hands of individual contributing partners. Regarding deduction u/s 35AD, assessee did not furnish requisite form certified by Chartered Accountant as mandated by Section 80-IA(7); Assessing Officer erred by not inquiring into this aspect before allowing substantial deduction u/s 35AD; assessment order held erroneous and prejudicial to Revenue's interest on this issue.
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