https://www.taxtmi.com/caselaws?id=786059 Assessee challenged addition of an unexplained credit in her capital account on account of write-back of an old partnership loan; ITAT held section 68 cannot be invoked because the entry reflected prior-period balances rather than a fresh credit in the relevant year, and the loan had been recorded and accepted in earlier scrutiny assessments. The court found Revenue offered no material to displace the factual finding that the capital credit was consequential to firm books or to show applicability of alternative provisions. Result: the addition under section 68 was unsustainable and the assessee prevailed. en-us Thu, 22 Jan 2026 00:00:00 +0530 Thu, 05 Feb 2026 09:16:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786059 Assessee challenged addition of an unexplained credit in her capital account on account of write-back of an old partnership loan; ITAT held section 68 cannot be invoked because the entry reflected prior-period balances rather than a fresh credit in the relevant year, and the loan had been recorded and accepted in earlier scrutiny assessments. The court found Revenue offered no material to displace the factual finding that the capital credit was consequential to firm books or to show applicability of alternative provisions. Result: the addition under section 68 was unsustainable and the assessee prevailed. Case-Laws Income Tax Thu, 22 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786059