1996 (4) TMI 31

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....-tax Act, 1961. The Tribunal has stated the case pursuant to an order of this court dated August 5, 1991, and the following question has been referred for our answer : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in sustaining the order of the Appellate Assistant Commissioner on a finding that the newly constituted firm was genuin....

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....sessment year 1979-80. The Income-tax Officer asked to explain the delay in filing the application for registration and no explanation was given. The Income-tax Officer also found that the explanation of the new partners was not satisfactory. The Income-tax Officer observed that as the new partners were not produced, the genuineness of the firm could not be examined and also the sources of investm....