Land purchase through partners’ capital contributions – ITAT Deletes Addition

Swastik Developers Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad deletes additions for unexplained investment & partner’s capital in construction firm’s case Ahmedabad ITAT has granted complete relief to a construction partnership firm by deleting additions made under Sections 69A & 68 on account of purchase & partners’ capital contribution. Assessee had purchased l& for Rs 2.75 crore &  AO, in reassessment proceedings, treated Rs 2,91,23,300 as unexplained investment u/s 69A (including stamp duty & registration) & Rs 1,37,40,714 as unexplained cash credits u/s 68...