https://www.taxtmi.com/caselaws?id=211175 The Tribunal allowed the appeal, deleting the addition of Rs. 10,00,000 as income from undisclosed sources. It held that the capital contributions made by the partners before the business commenced could not be considered the firm's income. The Tribunal emphasized that if the Assessing Officer was not satisfied with the explanation, the addition should be in the hands of individual partners, not the firm, citing relevant case laws. Consequently, the addition made by the Assessing Officer and upheld by the CIT(A) was deleted. en-us Mon, 11 Jul 2011 00:00:00 +0530 Sat, 03 Mar 2012 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211175 The Tribunal allowed the appeal, deleting the addition of Rs. 10,00,000 as income from undisclosed sources. It held that the capital contributions made by the partners before the business commenced could not be considered the firm's income. The Tribunal emphasized that if the Assessing Officer was not satisfied with the explanation, the addition should be in the hands of individual partners, not the firm, citing relevant case laws. Consequently, the addition made by the Assessing Officer and upheld by the CIT(A) was deleted. Case-Laws Income Tax Mon, 11 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211175