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TMI Blog2015 (4) TMI 1120X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from her predecessor without any reason. Thus we have no hesitation in holding that the credits are genuine and there is no scope to make addition in the hands of the firm. What AO was asking the firm to prove is the source in the hands of Sri Chaitanya Kumar, which can only be done in his assessment and the same were accepted as such. As far as firm is concerned it discharged its onus and can not be expected to provide source of source in third person hands. In view of the above, we accept the genuineness of credits and delete the addition made. - Decided in favour of assessee - I.T.A. No. 1765/HYD/2012 - - - Dated:- 17-4-2015 - SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER For the Petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copies of assessment orders etc., to contend that : i. Partner has creditworthiness; ii. the moneys are introduced by way of bank through his personal A/c to firm s A/c and iii. Credit of partner cannot be considered as income of the firm in the first year of business; 4. Ld. DR however relied on the orders of the authorities. 5. We have considered the issue and examined the Paper Book placed on record. Apart from various principles on law, there is no dispute to the fact that the moneys were introduced by partner through bank and Sri Chaitanya Ravi Kumar is an assessee and in his personal capacity the investments in firm are accepted by the Revenue in the scrutiny assessments completed. In these circumstances, we a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idering the facts that - (i) There is no question regarding the identity of the partner, (ii) the partner has not disputed the introduction of the capital, (iii) the capital has been introduced through cheques and are reflected in the bank statements produced before me, (iv) the partner is regularly assessed to tax and has been filing returns with the Department, I hold that the genuineness and identity of the partner has been established. Since no adverse finding has been recorded by the Assessing Officer on completion of scrutiny assessment for the assessment year 2006-07 in the case of the partner it has to be held that there is no dispute with regard to his capacity either. In any case any such question regarding the source ..... X X X X Extracts X X X X X X X X Extracts X X X X
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