Addition u/s 69A (unexplained money) was deleted as the assessee ...

Unexplained money & cash credit additions deleted as source explained. Capital contribution by partners through banking channels accepted.

Case Laws Income Tax

July 30, 2024

Addition u/s 69A (unexplained money) was deleted as the assessee explained the source for purchasing property from capital contribution by partners. Addition u/s 68 (cash credits) for consideration paid by cheque and stamp duty/registration charges was also deleted, as the contribution was received from partners through banking channels and their identities were established. The CIT(A)'s enhancement was reversed by the ITAT.

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Addition u/s 69A (unexplained money) was deleted as the assessee ...

Unexplained money & cash credit additions deleted as source explained. Capital contribution by partners through banking channels accepted.

Case Laws Income Tax

July 30, 2024

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