2018 (1) TMI 861

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....ORAL ORDER (PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) 1. By this appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as the "Act"), the appellantrevenue has called in question the order dated 13.2.2017 made by the Income Tax Appellate Tribunal, Ahmedabad "A" Bench, (hereinafter referred to as the "Tribunal") in ITA No.2778/Ahd/2013 by proposing the following quest....

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....(Appeals) and succeeded. The revenue carried the matter in appeal before the Tribunal, which dismissed the appeal. 4. Mrs. Mauna Bhatt, learned senior standing counsel for the appellant, reiterated the grounds set out in the memorandum of appeal. 5. From the facts as emerging from the record, it appears that during the financial year 2009-10, Mr. Kantilal Jayramdas Thakkar, one of the partne....

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.... accounts that such amount had been invested by him. The Assessing Officer, however, was of the view that the credit worthiness of the partner who introduced the capital had not been proved by the assessee and made the addition by invoking the provisions of section 68 of the Act. 6. The assessee carried the matter in appeal before the Commissioner (Appeals), who noted that from the audited bala....

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.... 7. In revenue's appeal, the Tribunal placed reliance upon the decision of this High Court in Pankaj Dyestuff Industries rendered in Income Tax Reference No.241 of 1993 for the proposition that no addition can be made with regard to the partner's capital introduction in the hands of the partnership firm and dismissed the appeal. 8. In the facts of the present case, when the assessee has furni....