1957 (3) TMI 57

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....ssee is a firm in which there were three partners, Munna Lal (since dead), who was the financing partner holding a 13a. share, and Debi Dayal and Dwarka Nath, working partners holding 2a, and 1a. respectively in the assessment year in question 1944-45, the relevant accounting year being July, 1942 to July, 1943. In this relevant accounting year, there were found in the books of account of the firm....

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....00. It is on these facts that the following question has been referred for our opinion by the Income-tax Appellate Tribunal: "Whether there was any material on record to establish that the sum of Rs. 15,000 was taxable income of the assessee?" When arguing this question before us, Mr. Pathak has drawn our attention to the finding given by the Income-tax Appellate Tribunal in the appellate or....

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....unal clearly shows that the Tribunal accepted the assessee's contention that this money was brought into accounts of the firm by Munna Lal, the financing partner. Once that explanation was accepted by the Tribunal, we fail to see how any part of that amount could be held to be the revenue income of assessee firm. The acceptance of the plea that the money was brought in by Munna Lal involves in....