https://www.taxtmi.com/caselaws?id=395155 The ITAT Hyderabad partially allowed the assessee's appeal, emphasizing the importance of genuine explanations for capital contributions and the treatment of unexplained income in cases of non-business activity. The Tribunal held that unexplained income cannot be presumed in the absence of business activity and deleted the addition of &8377; 40 lakhs in the hands of the assessee firm. The decision was based on legal precedents and the dissolution deed of the assessee firm. en-us Thu, 30 Apr 2020 00:00:00 +0530 Fri, 08 May 2020 11:33:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395155 The ITAT Hyderabad partially allowed the assessee's appeal, emphasizing the importance of genuine explanations for capital contributions and the treatment of unexplained income in cases of non-business activity. The Tribunal held that unexplained income cannot be presumed in the absence of business activity and deleted the addition of &8377; 40 lakhs in the hands of the assessee firm. The decision was based on legal precedents and the dissolution deed of the assessee firm. Case-Laws Income Tax Thu, 30 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395155