2016 (9) TMI 1324

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....een directed against the order of ld. CIT(Appeals) Karnal dated 21.04.2016 for assessment year 2008-09 challenging the addition of Rs. 3,46,000/- on account of addition to partners' capital. 2. Briefly the facts of the case are that the Assessing Officer, during the course of assessment proceedings on examination of the bank statement, directed the assessee to explain an amount of Rs. 1,96,000/....

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....e is no dispute regarding amount of Rs. 3,46,000/- deposited in the bank account of the assessee firm and same had been made by Shri Shyam Sunder and Shri Mohinder Pal who were also partners of the assessee firm. The ld. CIT(Appeals), however, noted that the affidavits of the parents of the partners are only self serving and amount deposited have not been supported by any evidence therefore, addit....

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.... gift, it is the partner and not the firm who is liable to be taxed by treating the said amount as undisclosed income even if the claim of gift said to have been received by him is rejected. 6. The ld. counsel for the assessee also filed copy of the ledger account of the partners Shri Shyam Sunder and Shri Mohinder Pal in the books of account of the assessee firm which shows that the amount in ....