https://www.taxtmi.com/caselaws?id=13829 The dominant issue was whether unexplained credits in partners' capital accounts could be assessed as the firm's income under s.68 of the Income-tax Act, 1961. The HC held that once the partners' identity and their admission of investment were established, and the Revenue failed to show that the unexplained portions represented the firm's profits or that the funds were available with the firm, such credits could not be treated as the firm's unexplained cash credits under s.68, though they could be examined in partners' hands as unexplained investments under s.69 if permissible; consequently, deletions of additions of Rs.15,000 and Rs.20,000 in the firm's assessment were upheld. Separately, only Rs.5,000 of one partner's investment was accepted as genuine, and no further relief was granted on that item. en-us Wed, 09 Aug 2000 00:00:00 +0530 Sun, 04 Jan 2026 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13829 The dominant issue was whether unexplained credits in partners' capital accounts could be assessed as the firm's income under s.68 of the Income-tax Act, 1961. The HC held that once the partners' identity and their admission of investment were established, and the Revenue failed to show that the unexplained portions represented the firm's profits or that the funds were available with the firm, such credits could not be treated as the firm's unexplained cash credits under s.68, though they could be examined in partners' hands as unexplained investments under s.69 if permissible; consequently, deletions of additions of Rs.15,000 and Rs.20,000 in the firm's assessment were upheld. Separately, only Rs.5,000 of one partner's investment was accepted as genuine, and no further relief was granted on that item. Case-Laws Income Tax Wed, 09 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13829