https://www.taxtmi.com/caselaws?id=450180 ITAT Raipur allowed the appeal regarding addition under section 68 for unexplained cash credit. The firm received cash capital contributions from partners having substantial returned income. The tribunal held that since partners' identity and creditworthiness were established, and the firm discharged its primary onus by providing partner details, no addition was warranted in the firm's hands. If AO doubted the source, addition should have been made in partners' hands, not the firm's. The addition by AO and CIT(A) was deleted. en-us Thu, 22 Feb 2024 00:00:00 +0530 Wed, 28 Feb 2024 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450180 ITAT Raipur allowed the appeal regarding addition under section 68 for unexplained cash credit. The firm received cash capital contributions from partners having substantial returned income. The tribunal held that since partners' identity and creditworthiness were established, and the firm discharged its primary onus by providing partner details, no addition was warranted in the firm's hands. If AO doubted the source, addition should have been made in partners' hands, not the firm's. The addition by AO and CIT(A) was deleted. Case-Laws Income Tax Thu, 22 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450180