https://www.taxtmi.com/caselaws?id=304940 The court dismissed the appeal of the revenue and upheld the deletion of addition made on account of unexplained and ingenuine credits in the capital accounts of partners. It was held that the firm was not liable for the addition as the source of funds was known to the Assessing Officer and the partners were responsible for explaining the source of funds. The court ruled that the revenue should proceed against the partners to examine the nature and source of the cash credits, absolving the firm from further liability. en-us Wed, 09 Oct 2013 00:00:00 +0530 Mon, 07 Nov 2022 15:33:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304940 The court dismissed the appeal of the revenue and upheld the deletion of addition made on account of unexplained and ingenuine credits in the capital accounts of partners. It was held that the firm was not liable for the addition as the source of funds was known to the Assessing Officer and the partners were responsible for explaining the source of funds. The court ruled that the revenue should proceed against the partners to examine the nature and source of the cash credits, absolving the firm from further liability. Case-Laws Income Tax Wed, 09 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304940