https://www.taxtmi.com/caselaws?id=18737 HC held that unexplained deposits made in the books of a partnership firm prior to commencement of its business cannot be assessed as undisclosed income of the firm under sections 68/69. Since all credits were introduced before business operations began, the legal onus to explain the source rested on the individual partners, not on the firm as an assessee. Any failure to explain would justify addition in the partners' hands only. The question of law was answered in the negative, in favour of the assessee-firm and against the Revenue. en-us Fri, 01 Dec 1995 00:00:00 +0530 Mon, 15 Dec 2025 13:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18737 HC held that unexplained deposits made in the books of a partnership firm prior to commencement of its business cannot be assessed as undisclosed income of the firm under sections 68/69. Since all credits were introduced before business operations began, the legal onus to explain the source rested on the individual partners, not on the firm as an assessee. Any failure to explain would justify addition in the partners' hands only. The question of law was answered in the negative, in favour of the assessee-firm and against the Revenue. Case-Laws Income Tax Fri, 01 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18737