Source of capital investment explained hence addition u/s. 68 not sustained: ITAT Visakhapatnam

Aravind Reddy Devagiri Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam held that addition under section 68 r.w.s. 115BBE of the Income Tax Act deleted as the source for capital investment properly explained by the assessee. Accordingly, addition deleted.

Facts- Assessee is a Managing Partner in M/s. A. R. Constructions with 75% share in Profits. Assessee is also a partner in M/s. Lakshmi Cold Storage and M/s. Vigneswara Cold Storage. The assessee filed his return of income for the A.Y. 2017-18 admitting a total income of Rs.7,54,800/- on 08.03.2018. It was no

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