https://www.taxtmi.com/caselaws?id=172919 The HC ruled in favor of the assessee, supporting the Tribunal's decision to delete the Rs. 70,000 addition made by the AO under Section 68 of the Income-tax Act, 1961. The Court determined that the adequacy of the explanation regarding cash credits is a factual issue, not a substantial question of law, and upheld that unexplained partner deposits cannot be added to the firm's income without evidence indicating firm profits. The Court emphasized that suspicion cannot replace evidence, ultimately ruling against the revenue and disposing of the reference. en-us Fri, 08 Dec 2006 00:00:00 +0530 Tue, 27 Feb 2024 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172919 The HC ruled in favor of the assessee, supporting the Tribunal's decision to delete the Rs. 70,000 addition made by the AO under Section 68 of the Income-tax Act, 1961. The Court determined that the adequacy of the explanation regarding cash credits is a factual issue, not a substantial question of law, and upheld that unexplained partner deposits cannot be added to the firm's income without evidence indicating firm profits. The Court emphasized that suspicion cannot replace evidence, ultimately ruling against the revenue and disposing of the reference. Case-Laws Income Tax Fri, 08 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172919