https://www.taxtmi.com/caselaws?id=758230 The ITAT dismissed the Revenue's appeal, affirming the Ld. CIT(A)'s decision to delete the addition of Rs. 2,62,50,000/- as cash credit under section 68 of the Income Tax Act. The Tribunal upheld that the capital introduced by partners should be scrutinized in their individual hands, not the partnership firm, citing jurisdictional High Court precedents. The Revenue failed to provide contrary evidence, leading to the dismissal of their appeal. en-us Wed, 28 Aug 2024 00:00:00 +0530 Mon, 09 Sep 2024 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758230 The ITAT dismissed the Revenue's appeal, affirming the Ld. CIT(A)'s decision to delete the addition of Rs. 2,62,50,000/- as cash credit under section 68 of the Income Tax Act. The Tribunal upheld that the capital introduced by partners should be scrutinized in their individual hands, not the partnership firm, citing jurisdictional High Court precedents. The Revenue failed to provide contrary evidence, leading to the dismissal of their appeal. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758230