2012 (11) TMI 15

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..... the source of investment - addition can be made in the hands of partners only - Appeal of assessee is allowed. - I.T.A. No. 870/Ahd/2012 - - - Dated:- 5-10-2012 - Shri A.K. Garodia, And Shri Kul Bharat, JJ. Department by : Shri Rahul Kumar, Sr. D.R. Assessee by : Shri Tej Shah, ORDER PER : A.K. Garodia, Accountant Member This is assessee s appeal directed against the order o .....

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..... yestuff Industries in Income Tax Reference No.241 of 1993 dated 06.07.2005. He submitted a copy of this unreported judgment of Hon ble Gujarat High Court and he also submitted that as per this judgment of Hon ble Gujarat High Court, in respect of fresh capital introduced by the partners, no addition can be made in the hands of the firm although the Revenue is at liberty to consider the said inve .....

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..... f partners if the partner is not able to explain the source of investment. Since in the present case, the assessee involved is the firm and therefore, by respectfully following this judgment of Hon ble Gujarat High Court, we are deleting the addition made by the A.O. in the present case. However, the A.O., in the present case is at liberty to examine the concerned partner and if he is not in a p .....

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