https://www.taxtmi.com/caselaws?id=37316 Cash credit findings are perverse where the Tribunal relies on internally inconsistent premises and treats a partner's disclosure petition as conclusive proof that the firm's credits stand explained. The High Court held that the disclosure scheme did not require acceptance or rejection in the manner assumed, and it did not justify shifting the credits to the partner on that basis alone. Because the conclusion rested on contradictory factual findings and an erroneous assumption about the evidentiary value of the disclosure, it could not be sustained in law. The answer was against the assessee and in favour of the revenue. en-us Thu, 15 Jun 1978 00:00:00 +0530 Mon, 29 Mar 2010 10:40:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37316 Cash credit findings are perverse where the Tribunal relies on internally inconsistent premises and treats a partner's disclosure petition as conclusive proof that the firm's credits stand explained. The High Court held that the disclosure scheme did not require acceptance or rejection in the manner assumed, and it did not justify shifting the credits to the partner on that basis alone. Because the conclusion rested on contradictory factual findings and an erroneous assumption about the evidentiary value of the disclosure, it could not be sustained in law. The answer was against the assessee and in favour of the revenue. Case-Laws Income Tax Thu, 15 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37316