https://www.taxtmi.com/caselaws?id=434832 The HC ruled in favor of the appellant, determining that the contributions made by partners should not be treated as the firm's income under Section 68 of the Income Tax Act. The court modified the Tribunal's order, excluding the cash credits related to the two partners from the firm's income. The appeal was disposed of without any costs awarded, emphasizing that such credits should be assessed at the hands of the partners, not the firm. en-us Wed, 15 Feb 2023 00:00:00 +0530 Wed, 13 Dec 2023 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434832 The HC ruled in favor of the appellant, determining that the contributions made by partners should not be treated as the firm's income under Section 68 of the Income Tax Act. The court modified the Tribunal's order, excluding the cash credits related to the two partners from the firm's income. The appeal was disposed of without any costs awarded, emphasizing that such credits should be assessed at the hands of the partners, not the firm. Case-Laws Income Tax Wed, 15 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434832