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No Section 68 addition of partners capital contribution in Firm if source of capital proved
Case Law Details
- Case Name
- Kesharwani Sheetalaya Sahsaon Allahabad Vs CIT (Allahabad High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Allahabad High Court
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Kesharwani Sheetalaya Sahsaon Allahabad Vs CIT (Allahabad High Court)
Conclusion: Addition under section 68 for not proving the source of income of partners who have made the deposit with the firm in their capital account could not be made as partners had shown the agricultural income in their personal returns of the past years which had been accepted by the department as such and the partners were all identifiable and separately assessed to tax thus, the source of investment having been explained and therefore, the addition could not have to be considered in the hands of the ...
