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TMI Blog2018 (12) TMI 529X X X X Extracts X X X X X X X X Extracts X X X X ..... ning certain additions deleted the major portion. The Tribunal also found favour with the First Appellate Authorities order. As far as the rectification and addition made in the course of such rectifications the assessee was issued with notice and only later, the Assessing Officer made the additions. However that also, related to the credit found in the name of the partners in the capital account of the assessee firm which again stood explained by the individual returns of the partners for the various years as produced before the First Appellate Authority. We do not think any interference need be caused to the findings on facts as entered by the First Appellate Authority and confirmed by the Tribunal. We do not see any question of law ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed but however, simultaneously notice was issued calling upon the assessee to explain as to the credit of ₹ 1,28,50,000/- representing the capital account of the partners which were also added on for the block period 01.04.1995 to 20.11.2001. ITA No.43/2013 is the block assessment as against Chinnan Sons Jewellers, Palakkad for the block period 01.04.1995 to 20.11.2001. ITA 2/2013 is again a protective assessment for the year 2002-03 against Chinnan Sons Jewellers, Palakkad. ITA 252/2012 is a protective assessment against one of the partners for the block period between 01.04.1995 to 20.11.2001. The said partner who was impleaded as the respondent is no more and the legal heirs are now brought on record. Before we look into the indiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be the gold which was found in excess, in the various jewelries of the group. With respect to the cash credit also, the partners produced returns to show that they had the income to advance money to the firm as found in the books of the firm and they also had the capacity to purchase gold on behalf of the firms. 5. The Assessing Officer found that though there is an explanation offered by the assessee it cannot be believed, since it is a mere device to suppress the income of the firm. The First Appellate Authority on a verification of the details as produced by the partners and their return of income found that the figures in the books of the assessee tallies with the figures as seen from the individual returns of the partners and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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