Section 68 Cannot Be Invoked in Partner’s Hands for Firm’s Loan Write-Back: ITAT Mumbai

ITO Vs Antara Tushar Motiwala (ITAT Mumbai) Section 68 Cannot Be Invoked in Partner’s Hands for Firm’s Loan Write-Back: ITAT Mumbai Upholds Deletion of ₹8.38 Crore Addition The Mumbai Bench of the ITAT dismissed the Revenue’s appeal for AY 2017-18 and upheld the order of the CIT(A) deleting the addition of ₹8.38 crore made under section 68 read with section 115BBE in the hands of an individual partner. The addition arose from an increase in the assessee’s capital account consequent to the write-back of an old unsecured loan in the books of the partnership firm, M/s Lotus Investment...