Law:

Section:

Section 68, read with section 69 of the Income-tax Act, 1961 - Cash credits - In respect of certain cash credits found in its books of account, assessee-firm was assessed under section 68 - However, Tribunal held that section 68 was not attracted in case of assessee on ground that credit in books of account of assessee was on account of introduction of capital by partners and assessee had failed to prove amount credited in books of account, and therefore, it would be assessed in hands of partners as unexplained investment - Whether no substantial question of law arose out of Tribunal's order warranting interference of High Court - Held, yes FACTS The assessee-firm was assessed under section 68 in respect of certain cash credit found in its books of account. However, the Tribunal found that section 68 was not attracted in the instant case for the reason that credit in the books of account of the assessee was on account of introduction of capital by the partners and the assessee had failed to prove the amount credited in the books of account and as such it would be assessed in the hands of the partners as unexplained…

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