Capital contribution was made by partners of the firm: ITAT deleted addition

J K Associates Vs ITO (ITAT Ahmedabad) In the matter abovementioned ITAT deleted the addition made AO on account of unexplained investment in property after observation that investment was made by partners of the firm and their details establishing identity, genuineness and creditworthiness were filed before AO. Assessee filed ITR for AY 2017-18 at Nil income. Information was received that assessee firm had purchased immovable property of Rs.1 Crore during AY 2017-18. Case was reopened after recording proper reason. Assessment was completed u/s.147 r.w.s. 144B of the Act on 25.03.2022, wherein...