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Tribunal also took note of the fact that AO had merely reproduced identical reasons for multiple years without verifying facts or forming a belief based on individual year-specific material.
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ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards capital contribution deleted since assessee furnished adequate evidence to prove the identity, genuineness and creditworthiness of the partner. Accordingly, appeal of revenue dismissed.
Learn the process for Business User creation on the RBI FIRMS portal for efficient reporting of capital account transactions under FEMA.
The case of assessee was selected through compulsory manual Statutory notices u/s 143(2) was issued on 21.09.2017. Further, notice u/s 142(1) dated 08.12.2018 and 10.12.2018 were issued, seeking details of sales & purchases of lands, producing books of accounts and to substantiate the Short-Term Capital Gain.
Thus, it is evident that the appellant had not passed the burden of duty to the customers in respect of the duty paid on the 4 Bills of Entry and was shown as recoverable from the customs department.
