https://www.taxtmi.com/caselaws?id=10041 The High Court ruled in favor of the assessee, holding that deposits made by partners on the first day of starting the business cannot be treated as income from unexplained sources. The Court distinguished previous case laws cited by the Revenue, emphasizing that the timing of the deposits at the commencement of the business was crucial in determining their nature. The Tribunal's decision to delete the addition of the deposits as unexplained income was upheld, with the High Court deciding in favor of the assessee and against the Revenue. No costs were awarded due to the absence of representation for the assessee. en-us Mon, 26 Jul 2004 00:00:00 +0530 Mon, 06 Jul 2009 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10041 The High Court ruled in favor of the assessee, holding that deposits made by partners on the first day of starting the business cannot be treated as income from unexplained sources. The Court distinguished previous case laws cited by the Revenue, emphasizing that the timing of the deposits at the commencement of the business was crucial in determining their nature. The Tribunal's decision to delete the addition of the deposits as unexplained income was upheld, with the High Court deciding in favor of the assessee and against the Revenue. No costs were awarded due to the absence of representation for the assessee. Case-Laws Income Tax Mon, 26 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10041