2009 (1) TMI 864

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.... of 1961") by the Revenue is directed against order dt. 30th Oct., 2007 passed by the Income-tax Appellate Tribunal, Jodhpur Bench, Jodhpur (in short "Tribunal" hereinafter) in ITA No. 408/Jd/2004 (asst. yr. 1990-91), whereby the order dt. 17th June, 2004 passed by the Commissioner of Income-tax (Appeals), Bikaner [in short "CIT(A)" hereinafter] confirming the addition of ....

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....urn was filed by the respondent assessee declaring income of ₹ 1,50,150 in the status of AOP. The assessment was made by the AO under s. 143(3) of the Act of 1961 vide order dt. 16th Dec., 1992 by making addition of ₹ 8,50,000 on account of unexplained cash credit standing in the names of the partners of the firm S/Shri Ali Mohd., Amar Nath & Kewal Krishan Kumar and accordingly, the in....

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.... partners prior to commencement of the business cannot be treated as cash credit and cannot be added under s. 68 in the hands of the assessee. The learned Tribunal opined that the capital contributions have to be considered in the hands of individual partner and not in the hands of assessee. 6. It is contended by the learned counsel for the Revenue that the assessee having failed to discharge the....