2011 (1) TMI 189

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..... ale deed of the agricultural land by the partner of the assessee firm who has received the sale price and contributed the additional capital by account payee cheques only which are duly reflected in the copy of bank account by the appellant - Hence, the view taken by the CIT(A) as upheld by the Tribunal cannot be held to be erroneous -The appeals have to be dismissed.
ADARSH KUMAR GOEL, AJAY KUMAR MITTAL, JJ. Tejinder K. Joshi for the Appellant. ORDER Adarsh Kumar Goel, J. - This order shall dispose of ITA Nos. 741, 742 and 743 of 2008 as it is stated that all the appeals involve common questions. 2. Income-Tax Appeal No. 741 of 2010 has been preferred by the revenue under section 260A of the Income-tax Act, 1961 (hereinafter refer .....

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..... uation of closing stock of motor-cycles and spare parts and unexplained deposits in the partner's account. On appeal, the said addition was partly set aside by the CIT(A) on the basis of additional evidence furnished by the assessee. The said finding has been upheld by the Tribunal. 4. We have heard learned counsel for the appellant. 5. Learned counsel for the appellant fairly stated that if additional evidence was validly allowed to be led, the setting aside of addition was justified. The only objection is that additional evidence should not have been allowed. 6. Reasons for allowing additional evidence given by the CIT(A) are as under :-- "2.5 I have gone through the assessment record, written submissions filed by the counsel for the .....

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..... view, under the facts and circumstances of the case the sickness of the partner is valid reason for not producing the evidence during the assessment. The fact that the matter was taken up in the fag end of the limitation period is also relevant. Considering the totality of the circumstances, I admit the additional evidence filed by the appellant. Now considering the material on record the source of Rs. 14 lakhs stands duly explained by the sale deed of the agricultural land by the partner of the assessee firm who has received the sale price and contributed the additional capital by account payee cheques only which are duly reflected in the copy of bank account by the appellant. The only objection on merits by the Assessing Officer is that .....

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