https://www.taxtmi.com/caselaws?id=311523 ITAT Delhi allowed appeals challenging unexplained investment additions of Rs. 6.50 crores in cash under section 153A assessment. The tribunal held that documents seized from partnership firm premises cannot automatically be attributed to individual partners, as they are distinct legal entities. The unsigned receipt lacked supporting evidence, and legal heirs who allegedly received payment were not examined. The tribunal found assessments based on presumptions without conclusive evidence, noting that partnership capital accounts were properly transferred to loan accounts after partner's death. Following Delhi HC precedents in Kabul Chawla and Meeta Gutgutia cases, the tribunal directed deletion of impugned additions from both appellants' assessments. en-us Fri, 10 Mar 2023 00:00:00 +0530 Sat, 30 Dec 2023 08:30:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311523 ITAT Delhi allowed appeals challenging unexplained investment additions of Rs. 6.50 crores in cash under section 153A assessment. The tribunal held that documents seized from partnership firm premises cannot automatically be attributed to individual partners, as they are distinct legal entities. The unsigned receipt lacked supporting evidence, and legal heirs who allegedly received payment were not examined. The tribunal found assessments based on presumptions without conclusive evidence, noting that partnership capital accounts were properly transferred to loan accounts after partner's death. Following Delhi HC precedents in Kabul Chawla and Meeta Gutgutia cases, the tribunal directed deletion of impugned additions from both appellants' assessments. Case-Laws Income Tax Fri, 10 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311523