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2007 (7) TMI 290 - HC - Income TaxUnexplained credit - Whether Tribunal was right to hold that the addition to the capital of the partner is not cash credit in the books of account of the firm but is cash credit in the case of the partner – partner’s contention is that cash credit is a gift and he has proved the genuineness of gift - once the broad features and basic ingredients constituting gift are satisfied then it cannot be replaced by circumstantial evidence – therefore there is no logic in treating the gifts as income of firm - question is answered against the Revenue
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