https://www.taxtmi.com/caselaws?id=402809 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s order. It concluded that the addition of Rs. 2,12,50,000 under Section 68 by the AO in the firm's hands was legally unsustainable. The Tribunal emphasized that any such addition should be taxed in the partners' hands, aligning with the precedent from the Hon'ble HC of Andhra Pradesh. The delay in filing the appeal was condoned without objection. en-us Wed, 23 Dec 2020 00:00:00 +0530 Wed, 30 Oct 2024 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402809 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s order. It concluded that the addition of Rs. 2,12,50,000 under Section 68 by the AO in the firm's hands was legally unsustainable. The Tribunal emphasized that any such addition should be taxed in the partners' hands, aligning with the precedent from the Hon'ble HC of Andhra Pradesh. The delay in filing the appeal was condoned without objection. Case-Laws Income Tax Wed, 23 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402809