2013 (3) TMI 705

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....he Income Tax Appellate Tribunal, Ahmedabad dated 20th July 2012, this Tax Appeal is preferred under Section 260A of the Incometax Act, 1961 ["Act" for short], proposing following substantial questions of law for our consideration : {A} Whether on the facts and circumstances of the case and as per law, the Hon'ble ITAT is right in granting exemption u/s.10AA of the I.T. Act to the assessee w....

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.... A.O. has liberty to examine the issue at the hands of the partners and addition can be made only at the hand of the partner without appreciating that firm is a separate entity it has to explain its sources of funds ?". It appears that the Assessing Officer had rejected the claim of deduction of the assesseerespondent amounting to ₹ 3,87,83,095/= in a return filed by the assessee for the A....

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....bunal. For example, it could be noted that the objection with regard to the complete construction of the building was not found from the record, the Tribunal found that such aspect was not sufficient for holding that the same was not ready for commencement of production. With regard to the purchase of machinery, it did not find any valid basis to doubt either the purchase, or to hold that there we....