capital contribution made & confirmed by the partners cannot be assessed in the hands of the firm.However, the AO is at liberty to examine and consider these amounts in the hands of the respective partners.
Court :
ITAT Visakhapatnam
Brief :
This appeal is filed by the revenue against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], Rajamahendravaram in ITANo.10128/2017-18/ITO,W-1,Tuni/VSP/2018-19 dated 21.03.2019 for the Assessment Year(A.Y.)2015-16 with the delay of 17 days. The Assessing officer filed the condonation petition giving administrative reasons for delay. The Ld.AR expressed no objection for condoning the delay. Therefore, the delay is condoned and the appeal is admitted.
Citation :
I.T.A.No.436/Viz/2019
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