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Section 68 Cannot Be Invoked in Partner’s Hands for Firm’s Loan Write-Back: ITAT Mumbai
Case Law Details
- Case Name
- ITO Vs Antara Tushar Motiwala (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Antara Tushar Motiwala (ITAT Mumbai)
Section 68 Cannot Be Invoked in Partner’s Hands for Firm’s Loan Write-Back: ITAT Mumbai Upholds Deletion of ₹8.38 Crore Addition
The Mumbai Bench of the ITAT dismissed the Revenue’s appeal for AY 2017-18 and upheld the order of the CIT(A) deleting the addition of ₹8.38 crore made under section 68 read with section 115BBE in the hands of an individual partner. The addition arose from an increase in the assessee’s capital account consequent to the write-back of an old unsecured loan in the books of the partnership firm, M/s...
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