https://www.taxtmi.com/caselaws?id=221872 The High Court upheld the Tribunal's decision to dismiss the Revenue's appeal regarding the addition of unaccounted capital under Section 68 of the Income Tax Act. The Court emphasized that such additions should be made in the hands of the partners, not the firm itself, as per relevant provisions of the IT Act. The Tribunal's decision was supported by a previous Gujarat High Court judgment, stating that the Income Tax Officer can proceed against partners if their explanations are unsatisfactory. The Court affirmed the deletion of the addition in the firm's hands and directed legal action against the partners. en-us Tue, 31 Jan 2012 00:00:00 +0530 Wed, 03 Apr 2013 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221872 The High Court upheld the Tribunal's decision to dismiss the Revenue's appeal regarding the addition of unaccounted capital under Section 68 of the Income Tax Act. The Court emphasized that such additions should be made in the hands of the partners, not the firm itself, as per relevant provisions of the IT Act. The Tribunal's decision was supported by a previous Gujarat High Court judgment, stating that the Income Tax Officer can proceed against partners if their explanations are unsatisfactory. The Court affirmed the deletion of the addition in the firm's hands and directed legal action against the partners. Case-Laws Income Tax Tue, 31 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221872