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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.

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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

IN THE INCOME TAX APPELLATE TRIBUNAL,
VISAKHAPATNAM BENCH, VISAKHAPATNAM
(through web-based video conferencing platform)

BEFORE SHRI N.K.CHOUDHRY, JUDICIAL MEMBER &
SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER

I.T.A.No.436/Viz/2019
Assessment Year:2015-16)

Income Tax Officer
Ward-1
Tuni
Appellant)

Vs.

M/s M.K.Aqua Hatchery
D.No.3-36, Chintakayalapeta
Thondangi (M)
E.G.Dist.
[PAN :AAZFM0955H]
Respondent)

Appellant by :Smt.Suman Malik, DR
Respondent by:Shri G.V.N.Hari, AR
Date of Hearing :22.12.2020
Date of Pronouncement:23.12.2020

O R D E R

Per Shri D.S.Sunder Singh, Accountant Member :

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.

2. All the grounds in this appeal are related to the addition of Rs.2,12,50,000/- made u/s 68 of the Income Tax Act, 1961 (in short ‘Act’)which was deleted by the CIT(A. During the assessment proceedings, theAssessing officer( AO) found that the assessee is a partnership firm having 8 partners with Sri Ch.Mahankali as the main partner.

To know more in details find the attachment file

 

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on 21 January 2021
Published in Income Tax
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