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Capital Continuity Proved, ₹10.63 Crore Section 68 Addition Deleted
Case Law Details
- Case Name
- ITO Vs Dahyalal Gagjibhai Jiwani (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-2023
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Dahyalal Gagjibhai Jiwani (ITAT Mumbai)
Section 68 Addition Deleted: ITAT Mumbai Upholds CIT(A)’s Finding that Capital Increase Was Only ₹1.95 Crore and Not Unexplained ₹10.63 Crore
The Mumbai ITAT dismissed the Revenue’s appeal and affirmed the deletion of an addition of ₹10.63 crore made under Section 68 for AY 2022-23. The Assessing Officer had compared the assessee’s total personal capital (₹27.05 crore) with his capital in the partnership firm (₹16.42 crore) and treated the difference as unexplained. The Tribunal held that this comparison was erroneous. On record, t...
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