https://www.taxtmi.com/caselaws?id=267580 The High Court upheld the Tribunal's decision that capital contributions by partners in a firm should not be treated as income of the firm but may be assessed at the individual partner level. The burden of proof to explain the source of funds lies with the partners, and under Section 68 of the Income-tax Act, such contributions should not be considered as income of the firm. The Court clarified that if partners bring in capital without explaining the source, the assessment should be on the partners, not the firm. en-us Thu, 03 Sep 2015 00:00:00 +0530 Mon, 09 Nov 2015 16:29:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267580 The High Court upheld the Tribunal's decision that capital contributions by partners in a firm should not be treated as income of the firm but may be assessed at the individual partner level. The burden of proof to explain the source of funds lies with the partners, and under Section 68 of the Income-tax Act, such contributions should not be considered as income of the firm. The Court clarified that if partners bring in capital without explaining the source, the assessment should be on the partners, not the firm. Case-Laws Income Tax Thu, 03 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267580