https://www.taxtmi.com/caselaws?id=37597 The High Court held that cash credit entries in the names of partners in a partnership firm's account books should be treated as income of the firm from undisclosed sources. The burden was on the firm to prove the legitimacy of the deposits, which it failed to do, resulting in the deposits being considered as the firm's income. The Tribunal's decision to treat the amount as income of individual partners was deemed unjustified due to insufficient evidence supporting the firm's explanations. No costs were awarded as the assessee did not appear. en-us Thu, 26 Oct 1978 00:00:00 +0530 Tue, 30 Mar 2010 17:53:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37597 The High Court held that cash credit entries in the names of partners in a partnership firm's account books should be treated as income of the firm from undisclosed sources. The burden was on the firm to prove the legitimacy of the deposits, which it failed to do, resulting in the deposits being considered as the firm's income. The Tribunal's decision to treat the amount as income of individual partners was deemed unjustified due to insufficient evidence supporting the firm's explanations. No costs were awarded as the assessee did not appear. Case-Laws Income Tax Thu, 26 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37597