https://www.taxtmi.com/caselaws?id=759274 Where the assessee traced the source of the investment to identified partners and produced their returns, balance sheets, confirmations and banking records, the explanation was accepted and the addition for unexplained investment could not be sustained in the firm's hands. The record showed adequate net worth in the hands of the contributors, and the Revenue made no cogent enquiry to rebut those documents. Once identity and a plausible source are established with financial evidence, any doubt about the contributors' capacity must ordinarily be pursued in their own hands rather than by treating the amount as unexplained in the recipient's assessment. en-us Wed, 11 Sep 2024 00:00:00 +0530 Fri, 27 Sep 2024 08:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759274 Where the assessee traced the source of the investment to identified partners and produced their returns, balance sheets, confirmations and banking records, the explanation was accepted and the addition for unexplained investment could not be sustained in the firm's hands. The record showed adequate net worth in the hands of the contributors, and the Revenue made no cogent enquiry to rebut those documents. Once identity and a plausible source are established with financial evidence, any doubt about the contributors' capacity must ordinarily be pursued in their own hands rather than by treating the amount as unexplained in the recipient's assessment. Case-Laws Income Tax Wed, 11 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759274