Case Law Details
Case Name : ITO Vs Arun Sangal (ITAT Delhi)
Related Assessment Year : 2018-19
Courts :
All ITAT ITAT Delhi
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ITO Vs Arun Sangal (ITAT Delhi)
Conclusion: Additions of Rs.179 crore in the hands of assessee-partner was deleted as income assessed in a firm’s hand was exempt in the hands of its partners as per section 10(2A).
Held: Assessee was a medical professional, filed his returns for the Assessment Year (AY) 2018-19. The appeal concerned an addition of over Rs. 179 crore made by AO under section 68 alleging unexplained cash credits in the assessee’s hands. AO noticed a substantial discrepancy between assessee’s closing capital balance for AY
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