https://www.taxtmi.com/caselaws?id=472560 Section 68 requires proof of the contributor's identity, transaction genuineness and creditworthiness. Partner capital contributions represent ownership interests rather than borrowings, and the additional source-of-source requirement applicable to specified share-capital credits of closely held companies does not extend to partnership firms. Where identified partners confirm and own their contributions, supported by affidavits, financial records and banking-channel remittances, doubts about the ultimate source in their foreign bank accounts are relevant to their individual assessments, not the firm's income. Reliance on an undisclosed remand report without an opportunity to rebut it conflicts with natural justice; further verification is unnecessary absent material that the firm's undisclosed income was routed through partners. en-us Thu, 12 Feb 2026 00:00:00 +0530 Thu, 15 Oct 2026 19:04:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472560 Section 68 requires proof of the contributor's identity, transaction genuineness and creditworthiness. Partner capital contributions represent ownership interests rather than borrowings, and the additional source-of-source requirement applicable to specified share-capital credits of closely held companies does not extend to partnership firms. Where identified partners confirm and own their contributions, supported by affidavits, financial records and banking-channel remittances, doubts about the ultimate source in their foreign bank accounts are relevant to their individual assessments, not the firm's income. Reliance on an undisclosed remand report without an opportunity to rebut it conflicts with natural justice; further verification is unnecessary absent material that the firm's undisclosed income was routed through partners. Case-Laws Income Tax Thu, 12 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472560