https://www.taxtmi.com/caselaws?id=171537 The court ruled that the amounts brought in by the partners could not be treated as undisclosed profits of the firm. It found that the firm had adequately explained the credit entries as genuine remittances received from Jaipur, shifting the burden of proof away from the firm to establish the partners' sources of funds. The court emphasized the importance of honest assessments and decided that there was insufficient evidence for the department to conclude that the credits represented undisclosed profits. The court also clarified the procedure for framing legal questions and directed the Commissioner to pay the costs of the reference. en-us Fri, 28 Mar 1952 00:00:00 +0530 Tue, 10 Nov 2015 14:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171537 The court ruled that the amounts brought in by the partners could not be treated as undisclosed profits of the firm. It found that the firm had adequately explained the credit entries as genuine remittances received from Jaipur, shifting the burden of proof away from the firm to establish the partners' sources of funds. The court emphasized the importance of honest assessments and decided that there was insufficient evidence for the department to conclude that the credits represented undisclosed profits. The court also clarified the procedure for framing legal questions and directed the Commissioner to pay the costs of the reference. Case-Laws Income Tax Fri, 28 Mar 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171537