ITAT Deletes Additions for Partner Capital/Interest Due to Lack of Enquiry

Khandelwal Industries Vs ITO (ITAT Raipur) ITAT Raipur deletes additions for partner’s capital & alleged interest disallowance due to complete absence of enquiry & violation of natural justice Raipur SMC Bench examined two additions sustained by NFAC without inquiry or reasoning. The assessee-firm, running a rice & flour mill, received capital introduction of ₹3,00,000 from partner Shri Vinod Khandelwal. The assessee produced his ITR, computation, balance sheet, cash-flow & bank statement showing cash-in-hand of ₹10,14,541 as on 31.03.2016, arising from earlier cash withd...