2002 (8) TMI 799

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....ue has filed this appeal for the assessment year 1993-94 on the ground that the first appellate authority was not justified in deleting the additions on account of unexplained cash credits. 2. According to the Assessing Officer, the assessee had introduced capital of Rs. 2,80,000 from Shri Pankaj Kumar Chesh, a new partner. Further capitals of Rs. 3 lakhs were introduced from three existing par....

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....ad 6 partner out of which one retired. Therefore, a new partner was introduced in his place who had given Rs.2,80,000 to the firm. The other three existing partners had given Rs. 1 lakh each to the firm. All the partners are Income-tax assessees and they duly proved the sources of the funds before the Assessing Officer. Therefore, there was no occasion to make the addition. Reliance was placed on ....