Receipt of beneficial share from partnership firm cannot be treated as unexplained

ACIT Vs. M/s. Jeannie Jamshed Madan (ITAT Mumbai) The fact that the assessee is one of the beneficiaries in the Estate of late Shri M.S. Kotwal who is partner in the partnership firm of M/s. Mira Salt Works is not in dispute. The reason for bringing to tax the amount received by the assessee is, according to the Assessing Officer there was a revaluation of the assets in the partnership firm, the new partners introduced capital in the partnership firm, the assessee was paid from the capital introduced by the new partners and this transaction is nothing but transfer of property by the firm and t...