TaxTMI 
TaxTMI 
2015 (4) TMI 1120
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....TAIAH, 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 bank transfers from his personal bank ac....
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....i 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 firm's A/c and iii. Credit of partner cannot be conside....
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.... 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 course of the assessment proceedings. From the copy of the ledger acco....
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....nsidering 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 assessed to tax and has been filing returns with the Department, I hold that the genuinenes....