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Case Law Details

Case Name : ACIT Vs Ambika Enterprises (ITAT Delhi)
Related Assessment Year : 2016-17
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ACIT Vs Ambika Enterprises (ITAT Delhi)

In the legal case between ACIT (Assistant Commissioner of Income Tax) and Ambika Enterprises, ITAT Delhi provided insights into capital contributions made by partners in a firm. The focus is on whether any addition under section 68 could be made in the hands of the firm for capital contributions by the partners. A capital amount of Rs. 2,68,50,000/- was in question, with concerns around its sourcing and genuineness. The case verdict has implications for how capital contributions are ev

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Author Bio

Mr.Kapil Goel B.Com(H) FCA LLB, Advocate Delhi High Court advocatekapilgoel@gmail.com, 9910272804 Mr Goel is a bachelor of commerce from Delhi University (2003) and is a Law Graduate from Merrut University (2006) and Fellow member of ICAI (Nov 2004). At present, he is practicing as an Advocate View Full Profile

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