Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT allowed the assessee-firm's appeal and deleted the addition made u/s 69A r/w s.115BBE on account of partners' capital introduction. It held that payments for land purchase were substantially made directly by partners from their bank accounts and duly reflected in registered sale deeds and corresponding journal entries, rendering the AO's factual assumption erroneous. ITAT further held that any unexplained capital introduced by partners is assessable, if at all, in the hands of the respective partners and not the firm. The statutory requirement to prove "source of source" inserted in s.68 w.e.f. 01.04.2023 was held inapplicable to AY 2017-18.
ITAT allowed the assessee-firm's appeal and deleted the addition made u/s 69A r/w s.115BBE on account of partners' capital introduction. It held that payments for land purchase were substantially made directly by partners from their bank accounts and duly reflected in registered sale deeds and corresponding journal entries, rendering the AO's factual assumption erroneous. ITAT further held that any unexplained capital introduced by partners is assessable, if at all, in the hands of the respective partners and not the firm. The statutory requirement to prove "source of source" inserted in s.68 w.e.f. 01.04.2023 was held inapplicable to AY 2017-18.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
