https://www.taxtmi.com/caselaws?id=382034 The Tribunal concluded that the profit from the sale of land should be taxed in the firm's hands, not the individual partners'. The addition of Rs. 9 lakhs to the assessee's income was deemed illegitimate as the funds were found to be from the firm's unaccounted collection. The Tribunal allowed the appeal in favor of the assessee, emphasizing that the firm's funds were utilized for the project, and the profit was rightly taxed in the firm's hands. en-us Mon, 27 May 2019 00:00:00 +0530 Tue, 25 Jun 2019 07:42:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382034 The Tribunal concluded that the profit from the sale of land should be taxed in the firm's hands, not the individual partners'. The addition of Rs. 9 lakhs to the assessee's income was deemed illegitimate as the funds were found to be from the firm's unaccounted collection. The Tribunal allowed the appeal in favor of the assessee, emphasizing that the firm's funds were utilized for the project, and the profit was rightly taxed in the firm's hands. Case-Laws Income Tax Mon, 27 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382034