https://www.taxtmi.com/caselaws?id=37696 The High Court held that Section 69 of the Income-tax Act was applicable in a case where an individual partner failed to explain the source of investments made in a firm. The Tribunal's decision to apply Section 68 was overturned, emphasizing that Section 69 was appropriate due to the lack of satisfactory explanation for the investments. The Court noted potential assessment difficulties for a specific year but did not address this since it was not part of the referred question. Ultimately, the Tribunal was deemed unjustified in including the investments under Section 68, ruling in favor of Section 69 without awarding costs. en-us Tue, 22 Aug 1978 00:00:00 +0530 Wed, 31 Mar 2010 15:26:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37696 The High Court held that Section 69 of the Income-tax Act was applicable in a case where an individual partner failed to explain the source of investments made in a firm. The Tribunal's decision to apply Section 68 was overturned, emphasizing that Section 69 was appropriate due to the lack of satisfactory explanation for the investments. The Court noted potential assessment difficulties for a specific year but did not address this since it was not part of the referred question. Ultimately, the Tribunal was deemed unjustified in including the investments under Section 68, ruling in favor of Section 69 without awarding costs. Case-Laws Income Tax Tue, 22 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37696