Separate addition for capital introduced by partners not justified when income presumed on presumptive basis

Kumar Construction Vs DCIT (ITAT Patna) Claim of the assessee firm rejected by the AO merely on the ground that capital has not been introduced by the partners through banking account is unjustified. Therefore, it is perverse and liable to be rejected and to substantiate the claim of assessee, the AR relied on the decision of CIT vs Anupam Udyog dated 21st December, 1982, 142 ITR 130 (Patna High Court), where Hon’ble High Court held that there are cash credit in the books of firm in the accounts of the individual partners and it is found as a fact that cash was received by the firm from its ...