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ITAT allowed the appeal and deleted the addition under s. 68 relating to unexplained cash deposits, holding that the identity and creditworthiness of the incoming partner and the genuineness of the capital contribution were satisfactorily established. The Tribunal found that consistent substantial bank balances and the cash-in-hand as on 13.10.2016 provided a plausible source for the alleged deposits. Consequently, the finding of the ld. CIT(A) was reversed and the impugned addition was deleted, resulting in allowance of the assessee's grounds of appeal.
ITAT allowed the appeal and deleted the addition under s. 68 relating to unexplained cash deposits, holding that the identity and creditworthiness of the incoming partner and the genuineness of the capital contribution were satisfactorily established. The Tribunal found that consistent substantial bank balances and the cash-in-hand as on 13.10.2016 provided a plausible source for the alleged deposits. Consequently, the finding of the ld. CIT(A) was reversed and the impugned addition was deleted, resulting in allowance of the assessee's grounds of appeal.
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