TaxTMI 
TaxTMI 
2016 (9) TMI 1324
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....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/- deposited in cash by Shri Shyam Sunder....
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....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, addition was confirmed and appeal of the assess....
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....e 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 question have been contributed by both the partners in assesse....