https://www.taxtmi.com/caselaws?id=18992 The Income-tax Appellate Tribunal refused to state the case, prompting a petition by the Revenue seeking clarification on three legal questions. The Tribunal ruled in favor of the assessee, a partnership firm, stating that the disputed amount of Rs. 1,50,000 was not the firm's income but belonged to individuals who had pledged it for an overdraft facility. The Tribunal accepted the explanations provided for the source of funds and found no reason to doubt the legitimacy of the transactions. Ultimately, the Tribunal's decision stood unchallenged, leading to the dismissal of the income-tax case as the Revenue failed to prove the deposits were the firm's income. en-us Tue, 07 Feb 1995 00:00:00 +0530 Tue, 03 Nov 2009 12:30:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18992 The Income-tax Appellate Tribunal refused to state the case, prompting a petition by the Revenue seeking clarification on three legal questions. The Tribunal ruled in favor of the assessee, a partnership firm, stating that the disputed amount of Rs. 1,50,000 was not the firm's income but belonged to individuals who had pledged it for an overdraft facility. The Tribunal accepted the explanations provided for the source of funds and found no reason to doubt the legitimacy of the transactions. Ultimately, the Tribunal's decision stood unchallenged, leading to the dismissal of the income-tax case as the Revenue failed to prove the deposits were the firm's income. Case-Laws Income Tax Tue, 07 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18992