2012 (11) TMI 15

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.... PER : A.K. Garodia, Accountant Member This is assessee's appeal directed against the order of ld. CIT(A)-II, Ahmedabad dated 09.02.2012 for assessment year 2008-09. 2. The grounds raised by the assessee are as under:- "1. That the ld. CIT(A) erred in law and on the facts in confirming addition made by way of cash credit u/s 68 of the Act by the ld. A.O. 2. That the ld. CIT(A) erred....

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....dition can be made in the hands of the firm although the Revenue is at liberty to consider the said investment in the hands of the partners if he is not able to satisfy the source of investment in his hands, the addition can be made in the hands of partners but not in the hands of firm. Ld. D.R. of the Revenue supported the orders of the authorities below. 4. We have considered the rival submis....