https://www.taxtmi.com/caselaws?id=283226 The Tribunal upheld the decision of the ld. CIT(A) to delete the addition of Rs. 17,75,000 made by the AO regarding unexplained cash credit u/s. 68 of the IT Act for the assessment year 2007-08. The Tribunal found that the firm adequately explained the capital contribution by a partner, emphasizing that if the source of the amount invested by a partner is proven, the burden is discharged, and the credit entry cannot be treated as income of the firm for tax purposes. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition. en-us Fri, 11 May 2012 00:00:00 +0530 Fri, 13 Sep 2019 16:34:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283226 The Tribunal upheld the decision of the ld. CIT(A) to delete the addition of Rs. 17,75,000 made by the AO regarding unexplained cash credit u/s. 68 of the IT Act for the assessment year 2007-08. The Tribunal found that the firm adequately explained the capital contribution by a partner, emphasizing that if the source of the amount invested by a partner is proven, the burden is discharged, and the credit entry cannot be treated as income of the firm for tax purposes. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283226