https://www.taxtmi.com/caselaws?id=446348 The Telangana HC reversed the ITAT's order regarding Section 68 addition for capital introduced by partners. The court held that once the assessee firm explained the source of capital investment as contributions from partners, the burden shifted to the Department to verify this from the partners' books rather than pursuing the matter against the firm. The HC ruled that without proper verification from partners, the AO's addition was unsustainable. The CIT(A)'s order was affirmed, deciding in favor of the assessee firm. en-us Mon, 04 Sep 2023 00:00:00 +0530 Thu, 30 Nov 2023 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446348 The Telangana HC reversed the ITAT's order regarding Section 68 addition for capital introduced by partners. The court held that once the assessee firm explained the source of capital investment as contributions from partners, the burden shifted to the Department to verify this from the partners' books rather than pursuing the matter against the firm. The HC ruled that without proper verification from partners, the AO's addition was unsustainable. The CIT(A)'s order was affirmed, deciding in favor of the assessee firm. Case-Laws Income Tax Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446348