1999 (9) TMI 21

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the books of the firm, the addition therefor cannot be made in the case of the firm under section 68 of the Income-tax Act, but the same has to be considered in the case of the partner?" The brief facts necessary for disposal of this reference are that the assessee is a partnership firm. During the accounting year relevant to the assessment year under consideration, it was found that there was a credit of Rs. 11,000 in the account of Shri S. K. Gupta. Certain credits in the accounts of the partners were found as under :                                     &nbs....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e any action in the hands of the partners. Aggrieved by this order passed by the Tribunal, the Revenue made an application before the Tribunal for referring the aforesaid question of law for answer by this court and accordingly, the aforesaid question has been referred by the Tribunal for answer by this court. We have heard learned counsel for the parties. Section 68 of the Act of 1961 says that where any sum is found credited in the books of an assessee maintained for any previous year, 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 th....