https://www.taxtmi.com/caselaws?id=56920 The Appellate Tribunal partially allowed both appeals, directing a re-examination of the assessment issues related to cash purchases exceeding the limit and treatment of credits in partners' names. The Tribunal set aside the assessment under section 144 and disallowance under section 40A(3), emphasizing the need for a thorough review of the details provided by the assessee. Furthermore, the Tribunal overturned the inclusion of partners' credits as unexplained income, highlighting that the burden of proof was met by identifying the depositors as partners. The rejection of registration was also overturned, stressing the necessity for a fresh evaluation in accordance with the law. en-us Wed, 11 Apr 1984 00:00:00 +0530 Tue, 07 Dec 2010 13:31:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56920 The Appellate Tribunal partially allowed both appeals, directing a re-examination of the assessment issues related to cash purchases exceeding the limit and treatment of credits in partners' names. The Tribunal set aside the assessment under section 144 and disallowance under section 40A(3), emphasizing the need for a thorough review of the details provided by the assessee. Furthermore, the Tribunal overturned the inclusion of partners' credits as unexplained income, highlighting that the burden of proof was met by identifying the depositors as partners. The rejection of registration was also overturned, stressing the necessity for a fresh evaluation in accordance with the law. Case-Laws Income Tax Wed, 11 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56920