Partner Capital & Loan Sec 68 Additions Quashed; Identity/Creditworthiness/Genuineness Proved

Somnath Cold Storage Vs ITO (ITAT Ahmedabad) Section 68 Additions on Partner Capital and Loans Deleted; Identity, Creditworthiness and Genuineness Established – ITAT Ahmedabad The Ahmedabad Bench of the ITAT allowed the appeal of the partnership firm and deleted additions of ₹2.52 crore towards partners’ capital and ₹31.30 lakh towards unsecured loans made under sections 68 and 69 for AY 2017-18. Though the assessee remained unrepresented at the final hearing and repeated adjournments were rejected, the Tribunal examined the matter on merits. It noted that before the CIT(A), the assess...