Capital contribution by partner cannot be added in hands of partnership firm

Lexico Ceramics Vs PCIT (ITAT Rajkot) ITAT Rajkot held that the capital contribution made by the partner of the firm cannot be subject to the addition in the hands of the partnership firm. Facts- The assessee is a partnership firm and engaged in the business of ceramic tiles. The case of the assessee was selected for scrutiny under CASS. Finally, the AO assessed the income vide order dated 28th December 2017. Subsequently, the learned Pr. CIT from the assessment records found that during the year the assessee firm received an amount of Rs. 3,22,78,000/- from 11 partners as capital introduction...