Document Fragment View
Matching Fragments
Sl.No. Name of the partner Addition upheld by the
Hon.ITAT for Asst. Year
1995-96
1. Shri Vinay Yadav Rs.2,50,000/- para 24(i)
2. Smt. Vandana Yadav Rs.Nil -para 16
3. Shri Sunil Yadav Rs.1,55,000/- para 31(i)
4. Shri Rakesh Yadav Rs.1,50,000/- para 27(i)
3. In addition to cash credit in respect of which the addition was confirmed in the hands of partners as above, there was introduction of capital in kind by the partners in the firm. This transfer in kind, violated the provisions of section 45(3). The difference of value of the trucks credited in the capital account and written down value of the trucks was brought to tax. Though the addition was deleted by the ld. CIT(A) but was restored by the Tribunal as under :-
Sl.No. Name of the partner Addition made u/s 45(3) as upheld by the Hon. ITAT for Asst. Year 1995-96
1. Shri Vinay Yadav Rs.1,00,000/- para 24(ii)
2. Smt. Vandana Yadav Rs.2,60,000/- para 17
3. Shri Sunil Yadav Rs.1,40,000/- Para 31(ii)
4. Shri Rakesh Yadav Rs.2,80,000/- para 27(ii)
4. In addition to application of provisions of section 45(3), the AO had further found investment in the trucks made by the partners. Following additions were confirmed by the Tribunal in respect of investment in the trucks:-
Sl.. Name of the partner Addition u/s 69 as Addition u/s 69 as No. confirmed by ITAT Asst. confirmed by ITAT Asst.
Year 1995-96 Year 1994-95 1. Shri Vinay Yadav - Rs.2,37,500/- para 20 2. Smt. Vandana Yadav - Rs.2,62,500/- para 13 3. Shri Sunil Yadav Rs.1,24,600 para 31(ii) - 4. Shri Rakesh Yadav Rs.1,26,500 para 28 -
1995-96 Year 1996-97 1. Shri Vinay Yadav - Rs.4,000 para 21 24,000/- 2. Smt. Vandana Yadav - Rs.28,000 para 14 - 3. Shri Sunil Yadav Rs.24,600 - - 4. Shri Rakesh Yadav Rs.24,000 - 24,000/-
6. In addition to these four items AO noted in the case of Smt. Vandana Yadav an investment of Rs.4 lacs was further made in the purchase of the truck in Asst. Year 1992-93 which was not satisfactorily explained. The Tribunal, however, gave the benefit of probable accumulated savings of Rs.1 lac and confirmed the addition of Rs.3 lacs under section 69.