2006 (2) TMI 71

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....petition under Section 256(2) of the Income Tax Act, 1961(for short, the Act), the Revenue seeks a direction to the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, the Tribunal) ITC No. 132 of 1994 -2- to state the case and refer the following question, for the opinion of this Court:-  " Whether, on the facts and in the circumstances of the case, the learned income-t....

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....al accounts of the two partners, namely, S/s Kulwant Singh and Daljit Singh, amounts of Rs. 1,30,000/- each, Rs. 1,00,000/- by draft and Rs. 30,000/- in cash had been credited. 5 The assessee firm was asked to prove the genuineness of these two amounts. In furtherance thereto, wealth tax statements of the partners; copies of their assessment orders and pass books were furnished to the Assessing....

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....being in liquor business, by the impugned order, the  Tribunal has deleted both the additions. The Tribunal has come to the conclusion that the initial onus with regard to the identity and the financial capacity, which lay on the assessee, under Section 68 of the Act stood discharged. 7 Revenue's application under Section 256(1) of the Act having been dismissed by the Tribunal, the present....

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....l. As noticed above, the Tribunal has recorded in clear terms that the amounts found credited in the capital accounts of the partners came from the savings bank accounts of both the partners. The Tribunal has recorded that the copies of these accounts were also produced before the Assessing Officer. Thus, there being no doubt about the identity of the creditor and the source being the bank account....