Deposit in partner’s capital a/c can’t be subject to sec. 68 additions in hands of firm: HC

INCOME TAX: Where partners of assessee-firm were all identifiable and separately assessed to tax and they had shown sufficient agricultural income in their personal returns of past years which had been accepted by department as such, source of investment by those partners in assessee firm having been explained, no addition could be made in hands of firm

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194434/deposit-in-partner’s-capital-ac-can’t-be-subject-to-sec-68-additions-in-hands-of-firm-hc.aspx