https://www.taxtmi.com/caselaws?id=326546 The Tribunal ruled in favor of the assessee in ITA No. 157/K/2008 and ITA No. 167/K/2008. It held that unexplained cash credits were actually partners' capital, deleting the addition. Additionally, it determined that interest under Section 220(2) should be charged from the fresh assessment's demand notice date. The Tribunal accepted the genuineness of the disputed purchases, deleting the addition. Consequently, both appeals were allowed in favor of the assessee. en-us Wed, 24 Feb 2016 00:00:00 +0530 Sat, 16 Apr 2016 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326546 The Tribunal ruled in favor of the assessee in ITA No. 157/K/2008 and ITA No. 167/K/2008. It held that unexplained cash credits were actually partners' capital, deleting the addition. Additionally, it determined that interest under Section 220(2) should be charged from the fresh assessment's demand notice date. The Tribunal accepted the genuineness of the disputed purchases, deleting the addition. Consequently, both appeals were allowed in favor of the assessee. Case-Laws Income Tax Wed, 24 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326546