No Addition u/s 68 in Partnership Firm’s Hands if Credit is in Partner’s Capital Account: ITAT [Read Order]

No addition is permissible under Section 68 in the hands of the Partnership Firm, but can be examined only in the hands of the individual Partners
By Aiswarya Krishnadas - On September 8, 2024 1:45 pm - 3 mins read
Addition - Partnership Firm - Capital Account - ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) ruled that no addition is permissible under Section 68 of the Income Tax Act, 1961, in the hands of the partnership firm but can only be examined in the hands of the individual partners. The respondent / assessee, Samvatt Properties LLP , a Limited Liability…

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