Dismissing the appeal the Tribunal held that when the firm admitting the surplus belong to the firm and related parties, deletion of addition in the assessment of partner is held to be justified. (AY.2014-15 to 2017-18)
Dy.CIT v. Jugal Kishore Garg (Derewala) (2021)87 ITR 624 (Jaipur)(Trib.)
S. 153C : Assessment-Income of any other person-On money-Settlement Commission-Firm admitting that the surplus belong to the firm and related parties-Amount credited to partner’s account-Deletion of addition is held to be justified. [S. 132]