Unexplained cash credit u/s 68 - Bogus capital introduced by the partners of the assessee-firm - as per...

Unexplained cash credit u/s 68 - Bogus capital introduced by the partners of the assessee-firm - as per CIT(A) Agriculture income shown by the partners was highly inflated and actually there was not enough income to justify the capital introduction - the Tribunal ruled in favor of the appellant, stating that the addition should have been made in the hands of the partners if their creditworthiness was in question. The quantum of income returned by the partners was accepted by the Revenue under a different head, indicating their creditworthiness. - The Tribunal partly allows the appeal, ruling in favor of the appellant regarding the addition of fresh capital and directing a reduction in the ad-hoc disallowance of expenses. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X