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Section 68 Addition for Capital Contribution Deleted on Proof of Identity, Genuineness & Creditworthiness
Case Law Details
- Case Name
- ITO Vs Goodfarm Rearing (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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ITO Vs Goodfarm Rearing (ITAT Ahmedabad)
ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards capital contribution deleted since assessee furnished adequate evidence to prove the identity, genuineness and creditworthiness of the partner. Accordingly, appeal of revenue dismissed.
Facts- The assessee is a partnership firm engaged in the business of cattle/poultry/aqua/livestock and dairy farms. The case was selected for complete scrutiny under the e-Assessment Scheme, 2019, specifically on the issue of “Share Capital / Other Capital”. During the year under consideration, t...
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