1996 (1) TMI 72

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....nd the following question has been referred by the Tribunal for answer of this court, which reads as under : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the share of profit from Shiv Shankar Soap Factory arising to the assessee's wife, Smt. Pushpa Devi, did not arise from the assets transferred directly or indirectly to Smt. Pushpa Devi b....

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....oner, who found that the Income-tax Officer has not been able to establish that the share income arose to Smt. Pushpa Devi because of her investment of capital in the firm. The Appellate Assistant Commissioner relied upon the judgments of the Supreme Court given in the case of CIT v. Jwalaprasad Agarwala [1967] 66 ITR 154 and CIT v. Prem Bhai Parekh [1970] 77 ITR 27 and on that basis, he deleted t....

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....f capital was a must in this case for becoming a partner in the firm. Learned counsel for the assessee has invited our attention to the terms of the deed of partnership and clause 3 which says that the capital contribution of the parties towards the capital of the firm shall be according to the respective resources of the parties and needs of the firm. By this, it does not mean that each of the pa....