2014 (2) TMI 130

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....oks of the assessee firm in the name of its partner u/s.68 of the Act cannot be made application in the case of the assessee firm ? (ii) Whether in the facts and circumstances of the case and in law, the Appellate Tribunal is justified in coming to the conclusion that there is no law that any unexplained cash credit appearing in the books of the firm in the name of its partners must necessarily be assessed in the hands of the firm itself or in the hands of the partners alone ? (iii) Whether in the facts and circumstances of the case and in law in holding that the assessee firm has discharged its onus u/s.68 of the Act ?" 2. Though three questions are framed, in essence the issue is common, namely, the additions made by the Assessing Offi....

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....r not the case of the AO that the impugned investment has not been recorded in the books to make the investments. Under section 69, investments, which are not recorded by the assessee in his books, can be considered nor addition if the assessee is unable to satisfactorily explain the nature and source of investment. Thus section 69 covers only those investments which are not recorded in the books. Similarly, amount of investments, etc. not fully disclosed in books of account can be considered for addition u/s. 69B if the assessee is unable to satisfactorily explain the nature and source of investments declared if, the books cannot be treated as unexplained unless a finding is recorded that investments have either not been fully declared in ....