For Failure to prove source of capital contribution by partners the same cannot be taxed in the hand of firm as unexplained cash credit U/s. 68

IN THE ITAT JODHPUR BENCH Laxmi Imaging & Medical Research versus Assistant Commissioner of Income-tax, Circle-1, Jodhpur IT Appeal No. 426 (JU) of 2009 [ASSESSMENT YEAR 1994-95] JULY  16, 2012 ORDER N.K. Saini, Accountant Member This is an appeal by the assessee against the order dated 20-04-2009 of CIT(A), Jodhpur. Following grounds have been raised in this appeal. 1. That the impugned assessment order made by the ld Assessing Officer dated 17.12.2008 is bad in law and is bad in facts, in view of the unlawful and invalid jurisdiction acquired u/s 147/148 of the Act at t...