Section 68 Addition for Capital Contribution Deleted on Proof of Identity, Genuineness & Creditworthiness

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...