ITAT Deletes ₹3.85 Cr Addition Made on a Dissolved Partnership Firm

Jugal Kishore And Sons Vs ITO (ITAT Chandigarh) The appeal before the Income Tax Appellate Tribunal (ITAT), Chandigarh, arose from an order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, relating to Assessment Year 2015-16. The assessee challenged the addition of ₹3,85,46,094 made by the Assessing Officer (AO), contending that the partnership firm had ceased to exist after its dissolution on 30 September 2011 and, therefore, could not be subjected to assessment for the year under consideration. The assessee explained that the partnership firm, ori...