https://www.taxtmi.com/caselaws?id=10294 The court upheld the addition of Rs. 17,500 to the firm's income despite being assessed in the partners' hands, as the firm's explanation was deemed unsatisfactory under section 68 of the Income-tax Act. In the individual assessment of a partner, the tribunal allowed the inclusion of Rs. 7,500 as income from undisclosed sources, rejecting the partner's argument. The court clarified the distinction between sections 68 and 69 regarding firm entries and individual investments. Legal precedents supported the decision, affirming the separation of firm and partner incomes, leading to a ruling in favor of the Revenue. en-us Wed, 25 Aug 2004 00:00:00 +0530 Mon, 13 Jul 2009 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10294 The court upheld the addition of Rs. 17,500 to the firm's income despite being assessed in the partners' hands, as the firm's explanation was deemed unsatisfactory under section 68 of the Income-tax Act. In the individual assessment of a partner, the tribunal allowed the inclusion of Rs. 7,500 as income from undisclosed sources, rejecting the partner's argument. The court clarified the distinction between sections 68 and 69 regarding firm entries and individual investments. Legal precedents supported the decision, affirming the separation of firm and partner incomes, leading to a ruling in favor of the Revenue. Case-Laws Income Tax Wed, 25 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10294