https://www.taxtmi.com/caselaws?id=63643 The Income Tax Appellate Tribunal (ITAT) overturned the addition of income from undisclosed sources and ruled that the annual letting value of the portion used for business by the partnership need not be included in the individual partner's total income. The ITAT considered the nature and source of investments, concluding that the assessee had satisfactorily explained the source of funds for cash deposits and purchases made in the firm. The ITAT also relied on a Gujarat High Court decision, emphasizing that when a partnership carries on business, each partner is considered to carry on the business. en-us Mon, 06 Sep 1982 00:00:00 +0530 Tue, 01 Feb 2011 12:06:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63643 The Income Tax Appellate Tribunal (ITAT) overturned the addition of income from undisclosed sources and ruled that the annual letting value of the portion used for business by the partnership need not be included in the individual partner's total income. The ITAT considered the nature and source of investments, concluding that the assessee had satisfactorily explained the source of funds for cash deposits and purchases made in the firm. The ITAT also relied on a Gujarat High Court decision, emphasizing that when a partnership carries on business, each partner is considered to carry on the business. Case-Laws Income Tax Mon, 06 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63643