https://www.taxtmi.com/caselaws?id=462002 ITAT Jaipur allowed the assessee's appeal against additions under section 69A for capital contributions made by partners during demonetization period. The tribunal held that despite partners depositing specified bank notes (which were not legal tender), no addition could be made without evidence of undisclosed income. The assessee had only agricultural income which is exempt from tax. All five contributing partners were regularly assessed to tax, and three partners provided verifiable cash flow statements backed by opening cash balances and bank statements. The tribunal emphasized that partners can contribute capital in cash subsequently even if they hadn't done so earlier, and the urgency during demonetization cannot create doubt about genuine capital contributions. en-us Mon, 02 Sep 2024 00:00:00 +0530 Wed, 14 May 2025 19:05:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462002 ITAT Jaipur allowed the assessee's appeal against additions under section 69A for capital contributions made by partners during demonetization period. The tribunal held that despite partners depositing specified bank notes (which were not legal tender), no addition could be made without evidence of undisclosed income. The assessee had only agricultural income which is exempt from tax. All five contributing partners were regularly assessed to tax, and three partners provided verifiable cash flow statements backed by opening cash balances and bank statements. The tribunal emphasized that partners can contribute capital in cash subsequently even if they hadn't done so earlier, and the urgency during demonetization cannot create doubt about genuine capital contributions. Case-Laws Income Tax Mon, 02 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462002