https://www.taxtmi.com/caselaws?id=770418 ITAT Bangalore allowed the assessee's appeal on two grounds. First, disallowance of "other discounts" was reversed as the tribunal found adequate proof of cash discounts given to customers through subsequent invoices showing reduced amounts payable, despite original invoices not mentioning discounts since they were finalized upon payment receipt. Second, addition under section 45(4) for goodwill revaluation upon new partner admission was deleted, as the tribunal held no asset transfer occurred from firm to individual partners - goodwill was merely credited to existing partners' capital accounts in profit-sharing ratio without any withdrawal of partnership funds. en-us Tue, 29 Apr 2025 00:00:00 +0530 Fri, 09 May 2025 12:18:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770418 ITAT Bangalore allowed the assessee's appeal on two grounds. First, disallowance of "other discounts" was reversed as the tribunal found adequate proof of cash discounts given to customers through subsequent invoices showing reduced amounts payable, despite original invoices not mentioning discounts since they were finalized upon payment receipt. Second, addition under section 45(4) for goodwill revaluation upon new partner admission was deleted, as the tribunal held no asset transfer occurred from firm to individual partners - goodwill was merely credited to existing partners' capital accounts in profit-sharing ratio without any withdrawal of partnership funds. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770418