CIT v. Kapur Brothers

Trijal Enterprises, Bhubaneswar vs. ACIT, Circle- 4(1), Bhubaneswar

Bench: S/Shri George Mathan & Arun Khodpiaassessment Year : 2016-17 Trijal Enterprises, Hall No.6, Vs. Acit, Circle-4(1), Fourth Floor, Bmc Bhawani Bhubaneswar Coom. Complex, Saheed Nagar, Bhubaneswar. Pan/Gir No.Aakft 6687 L (Appellant) .. ( Respondent) Assessee By : Shri P.K.Mishra,Ca P.K.Panda, Ars Revenue By : Shri M.K.Gautam, Cit Dr Date Of Hearing : 15/11/2022 Date Of Pronouncement : 15/11/2022 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Ld Cit(A)-1, Bhubaneswar Dated 22.6.2020 In Appeal No.0366/2018-19 For The Assessment Year 2016-17. 2. It Was Submitted By Ld Ar That The Assessee Is A Partnership Firm. The Partnership Firm Was Originally Constituted By Partnership Deed Dated 1.11.2015, Wherein, There Were Two Partners Namely; Shri Rajesh Polaki & Sri Malchit Chetan Kumar Patra. The Said Partnership Did Not Do Any Business. The Partnership Was Constituted For The Purpose Of Doing The Business Of Gold Jewellery. The Partnership Was Reconstituted On 1.3.2016, P A G E 1 | 37 Assessment Year : 2016-17

…evious years. Since in the present case the explanation offered by the firm has been disbelieved the provision of section 68 of the Act are fully attracted and, therefore, the amount of Rs. 17,500 had rightly been added. This court in the case of Kapur Bros. (118 ITR 741) has held that if the explanation offered by the firm had been proved or believed then alone the question would arise that the deposit should be considered as belonging to the partners. The firm was required to establish the sources of these deposits. To establish this the firm offered explanations and if they were disbelieved, the result would b…

DCIT, Hazaribagh vs. Sri Rajendra Lal, Hazaribagh

In the result, appeal of the assessee i

Bench: Shri N.S.Saini & Shri Pavan Kumar Gadale & Cross Objection No.05/Ran/2018 A.Y. : 2009-2010 Shri Rajendra Lal, Vs Acit, Circle-2, Prop: M/S Alankar Jewellers Hazaribag Malviya Marg, Hazaribag Pan No. : Aaqpl 6547 B Respondent (Appellant) . & A.Y. : 2009-2010 Acit, Circle-2, Hazaribag Vs Shri Rajendra Lal, Prop: M/S Alankar Jewellers Malviya Marg, Hazaribag Pan No. : Aaqpl 6547 B Respondent (Appellant) .

…e transaction nor he established the identity of the donors, nor the capacity of donors to make gift, the Tribunal was wrong in deleting the addition on account of gift alleged to have been received by the assessee. Also, in the case of CIT vs. Kapur Brothers 118 ITR 741 ( All) it was held that when the explanations offered by the assessee were disbelieved, the result was that the firm had failed to prove that the deposits belonged to the partners and then, the revenue was entitled to draw an inference that the deposits constituted the income of the assessee from undisclosed sources and the same should be treated…