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No addition made in the hands of partnership firm on account of capital contributed by partner
Case Law Details
- Case Name
- M/s Jaylaxmi Land Developers Vs ITO (ITAT Ahmadabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-2008
- Courts
- All ITAT, ITAT Ahmedabad
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M/s Jaylaxmi Land Developers Vs ITO (ITAT Ahmadabad)
There cannot be any addition made in the hands of the partnership firm on account of the capital contributed by the partner of the firm to the firm. In case any justification is required for the source of fund in the hands of the partner, then partner in his individual capacity is liable to explain. There is no liability fastened on the assessee (firm) for the explanation about the source of funds in the hands of the partner. Hence we disagree with the order of the Ld. CIT (A) and accordingly direct to the AO to delete the a...
