https://www.taxtmi.com/caselaws?id=375030 The Court upheld the Tribunal's decision to delete additions of unexplained credits in a firm's Books of Accounts under Section 68 of the Income Tax Act, 1961. The partners failed to establish the creditworthiness of the sources of their advances to the firm. The judgment emphasized the importance of proving the identity and creditworthiness of creditors to explain unexplained credits successfully, ultimately leading to the rejection of the appeal. en-us Thu, 31 Jan 2019 00:00:00 +0530 Wed, 01 May 2019 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375030 The Court upheld the Tribunal's decision to delete additions of unexplained credits in a firm's Books of Accounts under Section 68 of the Income Tax Act, 1961. The partners failed to establish the creditworthiness of the sources of their advances to the firm. The judgment emphasized the importance of proving the identity and creditworthiness of creditors to explain unexplained credits successfully, ultimately leading to the rejection of the appeal. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375030