https://www.taxtmi.com/caselaws?id=17537 The High Court upheld the Income-tax Officer's addition of unexplained cash credits to the assessee-firm's income under section 68 of the Income-tax Act. It ruled that the firm's legal existence is tied to business activity and upheld the addition, emphasizing the importance of the partnership agreement in establishing the firm's existence. The Court rejected the Tribunal's finding that the partnership did not exist due to lack of business activity, affirming that a partnership comes into existence once formed, even before actual business operations commence. en-us Fri, 21 Jun 1996 00:00:00 +0530 Wed, 23 Sep 2009 11:49:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17537 The High Court upheld the Income-tax Officer's addition of unexplained cash credits to the assessee-firm's income under section 68 of the Income-tax Act. It ruled that the firm's legal existence is tied to business activity and upheld the addition, emphasizing the importance of the partnership agreement in establishing the firm's existence. The Court rejected the Tribunal's finding that the partnership did not exist due to lack of business activity, affirming that a partnership comes into existence once formed, even before actual business operations commence. Case-Laws Income Tax Fri, 21 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17537