TaxTMI 
TaxTMI 
1992 (10) TMI 33
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.... question of law under section 256(1) of the Income-tax Act, 1961, arising out of the order of the Tribunal dated April 10, 1986 : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified legally in upholding the decision of the Appellate Assistant Commissioner who directed to treat the firm as a registered firm, even though he was not satisfi....
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....confirmed by the Income-tax Appellate Tribunal. This court in Narnauli jewel Corporation v. CIT [1987] 163 ITR 293, has held that once a partner of a firm has been assessed individually, the firm's income cannot be assessed treating the firm as an association of persons. The Income-tax Appellate Tribunal on the basis of this judgment came to the conclusion that once the share of the firm in the....
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....re recorded, had stated that she does not look after the business and is not an educated lady and can simply sign or write her name and with regard to the investment, contrary to the fact, it was stated by her that money was kept by her till it was deposited in the firm. The Tribunal came to the conclusion that the capital account shown in her name is unexplained and it does not belong to her. Thi....
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....ason to believe that the first-mentioned partner was such benamidar and such knowledge or belief had not been communicated by such other partner to the Assessing Officer in the prescribed manner. " From a reading of the above Explanation, it is evident that, in a case where the alleged partner was not a spouse or a minor child and was a benamidar, then the firm cannot be regarded as a genuine f....