9911796707
TMI Blog2009 (1) TMI 864X X X X Extracts X X X X X X X X Extracts X X X X ..... t. 30th Oct., 2007 passed by the Income-tax Appellate Tribunal, Jodhpur Bench, Jodhpur (in short Tribunal hereinafter) in ITA No. 408/Jd/2004 (asst. yr. 1990-91), whereby the order dt. 17th June, 2004 passed by the Commissioner of Income-tax (Appeals), Bikaner [in short CIT(A) hereinafter] confirming the addition of ₹ 8,50,000 under s. 68 of the Act of 1961 by the AO to the income of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e status of AOP. The assessment was made by the AO under s. 143(3) of the Act of 1961 vide order dt. 16th Dec., 1992 by making addition of ₹ 8,50,000 on account of unexplained cash credit standing in the names of the partners of the firm S/Shri Ali Mohd., Amar Nath Kewal Krishan Kumar and accordingly, the income was assessed at ₹ 10,47,675, which was confirmed by the CIT(A) vide appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and cannot be added under s. 68 in the hands of the assessee. The learned Tribunal opined that the capital contributions have to be considered in the hands of individual partner and not in the hands of assessee. 6. It is contended by the learned counsel for the Revenue that the assessee having failed to discharge the onus to prove the genuineness, creditworthiness and identity of the creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts of the assessee firm prior to the commencement of the business cannot be treated to be the income of the assessee firm. In considered opinion of this Court, such unexplained credits may be added to the income of the partners concerned in terms of s. 69 and not under s. 68 of the Act of 1961. 8. For the aforementioned reasons, in our view, no substantial question of law arises out of the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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