Capital Contribution Held Explained as Partner Proved Source Through Land Sale: ITAT Hyderabad

ITO Vs Sai Balaji Developers (ITAT Hyderabad) Section 68 Addition Deleted Because Source of Partner’s Capital Was Established: ITAT; ITAT Rejects Section 68 Addition Because Sale Proceeds Fully Explained Capital Contribution; Partner’s Capital Contribution Accepted Because Department Had Already Taxed Land Sale Proceeds; Section 68 Addition Cannot Survive Because Documentary Evidence Proved Source of Funds: ITAT The Income Tax Appellate Tribunal (ITAT), Hyderabad, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting...