https://www.taxtmi.com/caselaws?id=756580 The ITAT Ahmedabad ruled on a revision u/s 263 involving two issues. Regarding capital contribution by 10 partners, the tribunal held that since all partners were available and their details furnished, any addition should be made in individual partners' hands, not the firm's. The assessment order was deemed not erroneous or prejudicial to revenue on this issue, favoring the assessee. However, concerning deduction u/s 35AD, the tribunal found the AO failed to enquire whether the assessee filed the requisite form under Section 80-IA(7) despite substantial deduction claims. The assessment was held erroneous and prejudicial to revenue on this issue, ruling against the assessee. en-us Wed, 31 Jul 2024 00:00:00 +0530 Tue, 06 Aug 2024 07:50:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756580 The ITAT Ahmedabad ruled on a revision u/s 263 involving two issues. Regarding capital contribution by 10 partners, the tribunal held that since all partners were available and their details furnished, any addition should be made in individual partners' hands, not the firm's. The assessment order was deemed not erroneous or prejudicial to revenue on this issue, favoring the assessee. However, concerning deduction u/s 35AD, the tribunal found the AO failed to enquire whether the assessee filed the requisite form under Section 80-IA(7) despite substantial deduction claims. The assessment was held erroneous and prejudicial to revenue on this issue, ruling against the assessee. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756580