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ITAT Deletes Additions for Partner Capital/Interest Due to Lack of Enquiry
Case Law Details
- Case Name
- Khandelwal Industries Vs ITO (ITAT Raipur)
- 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 Raipur
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Khandelwal Industries Vs ITO (ITAT Raipur)
ITAT Raipur deletes additions for partner’s capital & alleged interest disallowance due to complete absence of enquiry & violation of natural justice
Raipur SMC Bench examined two additions sustained by NFAC without inquiry or reasoning. The assessee-firm, running a rice & flour mill, received capital introduction of ₹3,00,000 from partner Shri Vinod Khandelwal. The assessee produced his ITR, computation, balance sheet, cash-flow & bank statement showing cash-in-hand of ₹10,14,541 as on 31.03.2016, arising from e...
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