https://www.taxtmi.com/caselaws?id=18947 The court ruled in favor of the Revenue and against the assessee in a case concerning the assessment of cash credits in a partner's account under sections 68 and 69 of the Income-tax Act, 1961. The Income-tax Officer's treatment of the sum as "income from undisclosed sources" was upheld, overturning the Tribunal's decision that such income could not be assessed in the firm's hands. The court emphasized the burden of proof on the assessee to explain credit entries and remanded the matter for fresh consideration based on legal principles and precedents. en-us Mon, 06 Feb 1995 00:00:00 +0530 Tue, 03 Nov 2009 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18947 The court ruled in favor of the Revenue and against the assessee in a case concerning the assessment of cash credits in a partner's account under sections 68 and 69 of the Income-tax Act, 1961. The Income-tax Officer's treatment of the sum as "income from undisclosed sources" was upheld, overturning the Tribunal's decision that such income could not be assessed in the firm's hands. The court emphasized the burden of proof on the assessee to explain credit entries and remanded the matter for fresh consideration based on legal principles and precedents. Case-Laws Income Tax Mon, 06 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18947