IN THE ITAT, VISAKHAPATNAM BENCH
N.K. CHOUDHRY, J.M. & D.S. SUNDER SINGH, A.M.
ITO v. M.K. Aqua Hatchery
I.T.A. No. 436/Viz/2019
23 December, 2020
Appellant by: Suman Malik, DR
Respondent by: G.V.N.Hari, AR
D.S. Sunder Singh, A.M.
This appeal is filed by the revenue against the order of the Commissioner (Appeals) [Commissioner (Appeals))], Rajamahendravaram in ITANo.10128/2017-18/ITO,W-1,Tuni/VSP/2018-19 dated 21-3-2019 for the assessment year(assessment year)2015-16 with the delay of 17 days. The Assessing officer filed the condonation petition giving administrative reasons for delay. The learnedAR 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 under section 68 of the Income Tax Act, 1961 (in short Act ) which was deleted by the Commissioner (Appeals). During the assessment proceedings, the assessing officer (AO) found that the assessee is a partnership firm having 8 partners with Sri Ch.Mahankali as the main partner. All the partners together have contributed the share capital of Rs. 2,25,50,000 during the impugned assessment year as under :--