https://www.taxtmi.com/caselaws?id=313826 ITAT DELHI dismissed Revenue's appeal regarding bogus share capital under Section 68. The assessee firm introduced capital through a partner whose identity was established. The tribunal held that if the AO doubted the genuineness of funds, the addition should be made in the partner's individual assessment rather than the firm's hands. The decision was supported by precedent from MP HC in Metachem Industries case. en-us Fri, 21 Jul 2023 00:00:00 +0530 Fri, 03 May 2024 19:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313826 ITAT DELHI dismissed Revenue's appeal regarding bogus share capital under Section 68. The assessee firm introduced capital through a partner whose identity was established. The tribunal held that if the AO doubted the genuineness of funds, the addition should be made in the partner's individual assessment rather than the firm's hands. The decision was supported by precedent from MP HC in Metachem Industries case. Case-Laws Income Tax Fri, 21 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313826