https://www.taxtmi.com/caselaws?id=770001 ITAT Ahmedabad allowed the assessee's appeal regarding capital introduction into partnership firm. AO made addition u/s 69 for unexplained investment as funds were routed through partners' joint bank account rather than firm's account. ITAT held that beneficial ownership differs from legal ownership - while bank account was in partners' names, beneficial owner was the partnership firm. Assessee proved capital source through mutual fund redemptions and family loans. Firm's audited accounts for three consecutive years showed the account as firm's property. Revenue failed to challenge identity, creditworthiness of creditors or genuineness of transactions. Addition u/s 69 deleted. en-us Tue, 25 Mar 2025 00:00:00 +0530 Sat, 03 May 2025 13:32:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770001 ITAT Ahmedabad allowed the assessee's appeal regarding capital introduction into partnership firm. AO made addition u/s 69 for unexplained investment as funds were routed through partners' joint bank account rather than firm's account. ITAT held that beneficial ownership differs from legal ownership - while bank account was in partners' names, beneficial owner was the partnership firm. Assessee proved capital source through mutual fund redemptions and family loans. Firm's audited accounts for three consecutive years showed the account as firm's property. Revenue failed to challenge identity, creditworthiness of creditors or genuineness of transactions. Addition u/s 69 deleted. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770001