https://www.taxtmi.com/caselaws?id=61448 The Revenue challenged the deletion of an addition in the trading account for the assessment year 1988-89, suspecting work done outside the books. The Tribunal accepted the assessee's explanation for production-consumption variations, dismissing the addition based on suspicion. In the second issue, the Tribunal ruled that capital gains from land sale were assessable in the firm's hands but not in the partners' hands, as the firm owned and sold the land. The judgment favored the assessee, emphasizing proper explanation of discrepancies and legal ownership in tax assessments. en-us Tue, 13 Dec 1994 00:00:00 +0530 Wed, 12 Jan 2011 16:30:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61448 The Revenue challenged the deletion of an addition in the trading account for the assessment year 1988-89, suspecting work done outside the books. The Tribunal accepted the assessee's explanation for production-consumption variations, dismissing the addition based on suspicion. In the second issue, the Tribunal ruled that capital gains from land sale were assessable in the firm's hands but not in the partners' hands, as the firm owned and sold the land. The judgment favored the assessee, emphasizing proper explanation of discrepancies and legal ownership in tax assessments. Case-Laws Income Tax Tue, 13 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61448