TRIJAL ENTERPRISES,BHUBANESWAR vs. ACIT, CIRCLE- 4(1), BHUBANESWAR
ITA 185/CTK/2020[2016-17]Status: DisposedITAT Cuttack15 Nov 2022AY 2016-17
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
For Appellant: Shri P.K.Mishra,CA P.K.Panda, ARsFor Respondent: Shri M.K.Gautam, CIT DR
Section 131Section 133(6)Section 143(1)Section 68
…xplain source thereof and if they failed amount could have been added in their hands only and not in hands of the assessee firm”. He further relied on the decision of Hon’ble Madras High Court in the case of Commissioner Of Income-Tax vs Pandian Distributors, 259 ITR 428 (Mad), wherein, it has been categorically held that “deposits made by one partner of assessee firm before it commenced business and treated in its book, as capital contribution of that partner was not cash credits under section 68 which could be referred to as its undisclosed income”. He further relied on the decision of the Hon’ble Allahabad Hig…
