Addition U/s. 68 for Capital contribution to firm by partner

Pr. CIT Vs. Vaishnodevi Re foils & Solvex (Gujarat High Court)

When the assessee has furnished the details with regard to the source of the capital introduced in the firm and the concerned partner had confirmed such contribution, the assessee had duly discharged the onus cast upon it. Thereafter, if the assessing officer was not convinced about the creditworthiness of the partner who had made the capital contribution, the inquiry had to be made at the end of the partner and not against the firm. The contro

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