{"id":25802,"date":"2022-03-22T17:39:46","date_gmt":"2022-03-22T12:09:46","guid":{"rendered":"https:\/\/itatonline.org\/digest\/ito-v-swaran-fastners-2021-89-itr-650-210-ttj-1-chad-trib\/"},"modified":"2022-03-22T17:39:46","modified_gmt":"2022-03-22T12:09:46","slug":"ito-v-swaran-fastners-2021-89-itr-650-210-ttj-1-chad-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ito-v-swaran-fastners-2021-89-itr-650-210-ttj-1-chad-trib\/","title":{"rendered":"ITO v. Swaran Fastners (2021) 89 ITR 650 \/ 210 TTJ 1 (Chad.) (Trib.)"},"content":{"rendered":"<p>Held that when the deposit of amount in partner\u2019s capital account is explained\u00a0 the addition cannot be made as undisclosed source. <em>Relied on <\/em>\u00a0CIT v. Metachem Industries\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b2000%5d%20245%20ITR%200160\">(2000) 245 ITR 160<\/a>\u00a0(MP)\u00a0 (HC) and ITO v. Mahar Singh\u00a0 Sadhu Singh\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b2002%5d%20253%20ITR%200471\">(2002) 253 ITR 471<\/a>\u00a0(P&amp;H) (HC). Tribunal also held that\u00a0 when the\u00a0 cash deposited in the bank account of concern\u00a0 was accepted as genuine\u00a0 the\u00a0 assessee received the payment by banking channels.\u00a0 Addition cannot be made as undisclosed income of the firm. (AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 143(3) : Assessment-Income from undisclosed source-Firm-Deposit of money in partner\u2019s capital account-Explained the source-Addition cannot be made as undisclosed income of the firm-Cash deposited in the bank account of concern  was accepted as genuine-Assessee received the payment by banking channels-Addition cannot be made as undisclosed income of the firm.  [S. 69]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-25802","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6Ia","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=25802"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25802\/revisions"}],"predecessor-version":[{"id":25803,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25802\/revisions\/25803"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=25802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=25802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=25802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}