https://www.taxtmi.com/caselaws?id=240347 The High Court dismissed the Revenue's appeal in an Income Tax case for the assessment year 1989-90. The Court upheld the ITAT's decision to delete additions in the assessee firm's books of account, finding no error in treating old loans as transfer entries and confirming that no new loans were received. The Court agreed with the examination of credits in individual partners' hands if not properly explained. The appeal was dismissed as no substantial legal question arose, affirming the ITAT's findings and emphasizing the examination of individual partners' credits. en-us Wed, 27 Nov 2013 00:00:00 +0530 Sun, 01 Dec 2013 20:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240347 The High Court dismissed the Revenue's appeal in an Income Tax case for the assessment year 1989-90. The Court upheld the ITAT's decision to delete additions in the assessee firm's books of account, finding no error in treating old loans as transfer entries and confirming that no new loans were received. The Court agreed with the examination of credits in individual partners' hands if not properly explained. The appeal was dismissed as no substantial legal question arose, affirming the ITAT's findings and emphasizing the examination of individual partners' credits. Case-Laws Income Tax Wed, 27 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240347