Addition u/s 68 - capital introduced by the partners - ...

High Court Quashes ITAT Order: Tax Department Should Verify Partner Capital Directly, Not Penalize Firm.

December 1, 2023

Case Laws Income Tax HC

Addition u/s 68 - capital introduced by the partners - disallowed the interest paid to the partners - if at all, if the respondent-Department was not satisfied with the explanation, it was for them to have got it verified from the partners. Rather than still pursuing the matter before the appellant’s partnership firm, which is otherwise impermissible. - Order of ITAT against the assessee quashed - HC

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Addition u/s 68 - capital introduced by the partners - ...

High Court Quashes ITAT Order: Tax Department Should Verify Partner Capital Directly, Not Penalize Firm.

December 1, 2023

Case Laws Income Tax HC

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