https://www.taxtmi.com/caselaws?id=310988 ITAT Hyderabad upheld AO's addition under section 68 for unexplained partner investments in firm. Partners failed to account for capital and loan amounts in their individual books before transferring to firm's books, making source verification impossible. Assessee firm couldn't establish genuineness of cash introduced. Additionally, interest payments to partners violated section 40(b) provisions. CIT(A)'s deletion of additions was set aside. ITAT confirmed AO's order adding unexplained cash credits and disallowing interest expenditure claims. Decision favored revenue department. en-us Mon, 31 Jan 2022 00:00:00 +0530 Thu, 30 Nov 2023 18:01:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310988 ITAT Hyderabad upheld AO's addition under section 68 for unexplained partner investments in firm. Partners failed to account for capital and loan amounts in their individual books before transferring to firm's books, making source verification impossible. Assessee firm couldn't establish genuineness of cash introduced. Additionally, interest payments to partners violated section 40(b) provisions. CIT(A)'s deletion of additions was set aside. ITAT confirmed AO's order adding unexplained cash credits and disallowing interest expenditure claims. Decision favored revenue department. Case-Laws Income Tax Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310988