TaxTMI 
TaxTMI 
1999 (9) TMI 21
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....erence under section 256(1) of the Income-tax Act, 1961 (for short, "the Act"), at the instance of the Revenue and the following question of law has been referred for answer by this court : "Whether the Income-tax Appellate Tribunal was justified in holding that when there is credit in the capital account of the partner in the books of the firm, the addition therefor cannot be made in the case of ....
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....s and held that the firm has satisfactorily accounted for the aforesaid three entries. The matter was taken up in appeal by the Revenue before the Tribunal. It may be clarified that we are not concerned with Shri S. K. Gupta, because the question has not been referred qua Shri S. K. Gupta. The Tribunal also affirmed the finding of the Commissioner of Income-tax (Appeals) relying on the decision of....
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....r, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Income-tax Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. Therefore, according to section 68, the first burden is on the assessee to satisfactorily explain the credit entry in the ....
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....found to be satisfactory and he deleted the aforesaid three entries. The same finding of fact has been affirmed by the Tribunal. Once it is established that the amount has been invested by a particular person, be he a partner or an individual, then the responsibility of the assessee-firm is over. The assessee-firm cannot ask that person who makes investment whether the money invested is properly t....