Firm not Assessable for Unexplained Cash Credits for Capital Introduced by Partner

ITO Vs Bajaj Roadways (ITAT Kolkata) Revenue’s substantive ground seeking to revive unexplained cash credit addition of Rs.64, 10,000/- in assessee’ s partners’ capital Suffice to say, various judicial precedents have settled the law that such addition has to be made in the concerned partners’ hands than in case of a firm assessee. We quote one of them CIT vs Metachem Industries (2000) 245 ITR 160 (MP) (supra) in support. The CIT(A) has already granted liberty to the Assessing Officer to assess the very sum in case of assessee’s individual partners’ concerned. We make it clear tha...