https://www.taxtmi.com/caselaws?id=56437 The Tribunal upheld the CIT(A)'s decision to tax the seized cash amount of Rs. 7,50,000 in the assessment year 1989-90, emphasizing that the cash belonged to the assessee-firm and existed before April 1, 1989. Additionally, the Tribunal supported the CIT(A)'s deletion of the Rs. 6,39,109 addition as the firm's income, ruling that unexplained capital introduced by partners should be taxed only in the partners' hands, not the firm's. The appeal was ultimately dismissed, with the Tribunal declining to interfere based on established precedents. en-us Fri, 06 Mar 1998 00:00:00 +0530 Fri, 03 Dec 2010 16:30:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56437 The Tribunal upheld the CIT(A)'s decision to tax the seized cash amount of Rs. 7,50,000 in the assessment year 1989-90, emphasizing that the cash belonged to the assessee-firm and existed before April 1, 1989. Additionally, the Tribunal supported the CIT(A)'s deletion of the Rs. 6,39,109 addition as the firm's income, ruling that unexplained capital introduced by partners should be taxed only in the partners' hands, not the firm's. The appeal was ultimately dismissed, with the Tribunal declining to interfere based on established precedents. Case-Laws Income Tax Fri, 06 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56437