https://www.taxtmi.com/caselaws?id=218969 The Court upheld the decision of the Income Tax Appellate Tribunal, Ahmedabad, which ruled that no addition under section 68 of the Income Tax Act could be made when a partner introduces capital in a firm and is separately assessed for tax. The Tribunal's dismissal of the Revenue's appeal was supported, emphasizing that the assessing authority retains the discretion to investigate the source of investment. The Court found no grounds to challenge the deletion of Rs. 15,64,500/- and Rs. 45,491/-, as the Tribunal's decisions were deemed appropriate, resulting in the dismissal of the appeal without costs. en-us Wed, 11 Jan 2012 00:00:00 +0530 Fri, 30 Nov 2012 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218969 The Court upheld the decision of the Income Tax Appellate Tribunal, Ahmedabad, which ruled that no addition under section 68 of the Income Tax Act could be made when a partner introduces capital in a firm and is separately assessed for tax. The Tribunal's dismissal of the Revenue's appeal was supported, emphasizing that the assessing authority retains the discretion to investigate the source of investment. The Court found no grounds to challenge the deletion of Rs. 15,64,500/- and Rs. 45,491/-, as the Tribunal's decisions were deemed appropriate, resulting in the dismissal of the appeal without costs. Case-Laws Income Tax Wed, 11 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218969