1987 (11) TMI 71

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....ation made under section 265(2) of the Income-tax Act, 1961, the Commissioner of Income-tax prays that the Income-tax Appellate Tribunal be directed to draw up a statement of the case and refer to this court as many as three questions mentioned in the application. The Income-tax Officer noticed that the capital accounts of the partners in the books of the assessee-firm were credited with certai....

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....s submitted that the donors at Bombay had filed gift-tax returns and had paid gift-tax on the gifts. The Tribunal also observed that the material available before the Commissioner of Income-tax (Appeals) clearly showed that the amounts had been received by cheques from the Bombay parties. The Tribunal was of the view that the sources of the amount having been disclosed, no action could be taken in....