2015 (4) TMI 1120

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....t Mitra, DR ORDER PER B. RAMAKOTAIAH, A.M. : This is an assessee's appeal filed against the order of the Commissioner of Income Tax(Appeals)-IV, Hyderabad dated 25-10-2012 confirming the addition of Rs. 84,26,903 as un-explained credit which was introduced by the partner in the firm. 2. Briefly stated, the Managing Partner Shri Chaitanya Ravi Kumar had introduced capital by way of ....

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....ear of business of the firm and partner Sri Chaitanya Ravi Kumar has introduced his capital by way of cheques/bank transfer and he is an assessee in his individual capacity and HUF also. He has sources of funds and filed copies of assessment orders etc., to contend that : i. Partner has creditworthiness; ii. the moneys are introduced by way of bank through his personal A/c to fir....

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....prised that Ld. CIT(A) deferred from her predecessor without any reason. The order of Ld. CIT(A) in the first round of appeal was as under: "2.1. I have considered submissions made by the appellant. With regard to the addition of Rs. 90,46,903/- made u/s.68, the Assessing Officer has made this addition on the ground that copies of the bank accounts of the partner were not filed during the....

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....cer has accepted the income returned of Rs. 5,85,750/-. Therefore considering the facts that - (i) There is no question regarding the identity of the partner, (ii) the partner has not disputed the introduction of the capital, (iii) the capital has been introduced through cheques and are reflected in the bank statements produced before me, (iv) the partner is regularly as....