Partnership Cash Credits Valid But Receivables Recovery Claim Rejected Under Section 69A and 115BBE Assessment

ITAT examined unexplained cash credits under s.69A r/w 115BBE. Tribunal validated partnership withdrawals based on capital account records of Sai Samarth Plaza. Regarding cash advances, assessee provided affidavits from 17 persons confirming pre-demonetization payments with identity proof. Revenue's failure to verify claims through s.131 statements worked in assessee's favor despite sub-20,000 daily transactions raising suspicion. However, claim of Rs. 3,14,500 as receivables recovery was rejected due to absence of bifurcation in IT return for AY 2016-17 and lack of concrete evidence proving genuineness of sundry debtors, despite assessee falling under Presumptive Taxation Scheme. Addition partially sustained. .....

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