Addition for capital contributed by partner in assessee firm not justified

Advertisement Shri Gems Vs ITO (ITAT Delhi) In the present case the amount in question was deposited by the partner as his capital, therefore, even if the Assessing Officer was not satisfied with the explanation of the assessee, it cannot be added in the hands of the assessee firm. At the most it cannot be considered in the hands of the individual partner of the assessee firm. FULL TEXT OF THE ITAT JUDGMENT This is an appeal by the assessee against the order dated 12.02.2014 of ld. CIT(A)-28, New Delhi. 2. Following grounds have been raised in this appeal: “1. On the facts and circumstanc...