Section 68 Addition Deleted: Partner's Capital Not Taxable Due to Filing Error by Firm, Says CIT(A.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 68 on unexplained capital - erroneous filing of ITR and is a result of mistake committed by the assessee partnership firm - the capital introduced by the partners cannot be taxed in the hands of the assessee-firm under section 68 - we are of the considered opinion that the ld. CIT(A) has fully justified in deleting the addition made under section 68 of the Act. - AT....