Appeal Dismissed: Section 68 Not Applicable for Unexplained Credits

The High Court of Patna dismissed the appeal as the Tribunal found that section 68 of the Income-tax Act was not attracted. The credit in the books of account was due to the introduction of capital by partners, and the firm failed to prove the amount credited. The unexplained investment would be assessed in the hands of the partners.

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The High Court of Patna dismissed the appeal as the Tribunal found that section 68 of the Income-tax Act was not attracted. The credit in the books of account was due to the introduction of capital by partners, and the firm failed to prove the amount credited. The unexplained investment would be assessed in the hands of the partners.

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