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Land purchase through partners’ capital contributions – ITAT Deletes Addition
Case Law Details
- Case Name
- Swastik Developers Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-2018
- Courts
- All ITAT, ITAT Ahmedabad
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Swastik Developers Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad deletes additions for unexplained investment & partner’s capital in construction firm’s case
Ahmedabad ITAT has granted complete relief to a construction partnership firm by deleting additions made under Sections 69A & 68 on account of purchase & partners’ capital contribution.
Assessee had purchased l& for Rs 2.75 crore & AO, in reassessment proceedings, treated Rs 2,91,23,300 as unexplained investment u/s 69A (including stamp duty & registration) & Rs 1,37,40,714 as unexplained cash credits u/s 68...
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