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Capital Introduced in Firm Not Automatically Unexplained Income: ITAT Ahmedabad
Case Law Details
- Case Name
- Dilipbhai Ranchhodbhai Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Ahmedabad
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Dilipbhai Ranchhodbhai Patel Vs ITO (ITAT Ahmedabad)
Capital Introduced in Firm Not Automatically Unexplained Income: ITAT Deletes Entire Section 69A Addition
The Ahmedabad ITAT deleted the entire addition made under Section 69A in respect of capital introduced by the assessee into a partnership firm, holding that once the assessee had furnished confirmations, bank statements and source details of the lenders, the addition could not survive merely on suspicion.
The Assessing Officer had treated ₹29 lakh introduced as capital in the partnership firm as unexplained money and f...
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