https://www.taxtmi.com/caselaws?id=431186 A partnership firm discharges the onus under section 68 when it substantiates partners' capital contributions with returns, bank statements, confirmations, PAN details and ledger accounts. On that showing, the firm is not required to explain the source of the partners' source; if creditworthiness remains in doubt, further inquiry must be directed at the partners' level. Applying that principle, the ITAT upheld deletion of the addition for unexplained cash credit and sustained the deletion of the related interest disallowance, finding the revenue's challenge unsustainable. en-us Fri, 14 Oct 2022 00:00:00 +0530 Wed, 07 Dec 2022 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431186 A partnership firm discharges the onus under section 68 when it substantiates partners' capital contributions with returns, bank statements, confirmations, PAN details and ledger accounts. On that showing, the firm is not required to explain the source of the partners' source; if creditworthiness remains in doubt, further inquiry must be directed at the partners' level. Applying that principle, the ITAT upheld deletion of the addition for unexplained cash credit and sustained the deletion of the related interest disallowance, finding the revenue's challenge unsustainable. Case-Laws Income Tax Fri, 14 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431186