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Ito, W-4(2), Ludhiana vs M/S Swaran Fastners, Ludhiana on 18 February, 2021 cites

Income-Tax Officer vs Sadhu Singh And Sons on 27 May, 1999

10. We have considered the submissions of both the parties and perused the material available on the record. In the present case it is noticed that the assessee explained the source of the partner Smt. Swaran Kanta for depositing the amount of Rs. 20,50,000/- in the capital account. The said amount was received by the partner from her son Shri Puneet Gupta who is NRI, the transaction was through banking channel out of the NRE saving bank account of Shri Puneet Gupta, therefore the addition made by the A.O. was not justified. Moreover the amount was received by the assessee firm from the partner who explained the source for the same and if at all any addition was called for that was required to be made in the hands of the partner and not in the hands of assessee firm. On an identical issue the Hon'ble Jurisdiction High Court in the case of ITO Vs. Nahar Singh Sadhu Singh (supra) held that " the partner had the requisite amount to invest towards the capital account of the firm. Since no evidence had been pointed out against that finding the amount could not be assessed as income from undisclosed sources of the firm."
Income Tax Appellate Tribunal - Amritsar Cites 3 - Cited by 3 - Full Document
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