2025 (9) TMI 1023

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....d u/s. 143(3) of the Act. 2. Assessee has raised following grounds of appeal : "1. On facts and circumstances prevailing in the case and as per provisions & scheme of the Act, it be held that the addition of Rs. 12,75,000/- made by the Learned Assessing Officer and confirmed by the First Appellate Authority under section 68 of the Act is unwarranted, unjustified and contrary to the provisions of the Act and facts prevailing in the case. The addition so made be deleted. The Appellant be granted just and proper relief in this respect 2 Without prejudice to Ground no. 1 and on the facts and circumstances prevailing in the case and as per the provisions and scheme of the Act, it be held that the addition made by the Ld. AO ....

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....see filed the details of income-tax return, bank account of the new partner to prove the genuineness of the transaction, creditworthiness of Mr. Popatlal Shah. However, ld. CIT(A) found no merit in the contention of ld. AR and confirmed the addition of Rs. 12.75 lakh. 4. Now the assessee has approached this Tribunal assailing the impugned order. 5. Ld. Counsel for the assessee referring to the paper book running into 211 pages case law paper book running into 58 pages and the copy of income-tax return for A.Y. 2016-17 filed on 16.10.2016 submitted that as per the Audited Balance sheet for F.Y. 2016-17 cash in hand available with the assessee is Rs. 11,51,502/-. Thereafter, he referred to the date-wise Cash Flow statement placed at pag....

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....on of ld.CIT(A) is that why the assessee has deposited the cash in parts rather than depositing it together. To this observation, ld. Counsel for the assessee has submitted that at that point of time it was practically not possible to deposit huge amount of cash as the banks were not accepting it and it has to be deposited in piece meal. However, question before us is regarding the source of cash deposit and which in this case is the opening cash in hand as well as the capital contribution from incoming partner Mr. Popatlal Shah. 8. So far as the opening cash in hand as on 01.04.2016 is concerned, we have already discussed above and find that the same is duly supported by Audited Balance sheet. So far as sum of Rs. 5.50 lakh received fro....