https://www.taxtmi.com/caselaws?id=328403 The High Court upheld the Tribunal's decision to delete the additions made by the Assessing Authority under Section 68 of the Income Tax Act for unexplained cash credits in a partnership firm's assessment for the year 2006-07. The Court found that the partner, not the firm, bore the onus to prove the source of funds, and since the partner satisfactorily explained the credits in his individual assessment, the additions were unjustified. The appeal against the Income Tax Appellate Tribunal's order was dismissed, with no costs awarded. en-us Wed, 06 Jan 2016 00:00:00 +0530 Fri, 03 Jun 2016 12:09:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328403 The High Court upheld the Tribunal's decision to delete the additions made by the Assessing Authority under Section 68 of the Income Tax Act for unexplained cash credits in a partnership firm's assessment for the year 2006-07. The Court found that the partner, not the firm, bore the onus to prove the source of funds, and since the partner satisfactorily explained the credits in his individual assessment, the additions were unjustified. The appeal against the Income Tax Appellate Tribunal's order was dismissed, with no costs awarded. Case-Laws Income Tax Wed, 06 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328403