1983 (2) TMI 47

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....owing question of law has been referred for the opinion of this court: "Whether, on the facts and in the circumstances of the case the Tribunal was right in holding that the onus placed on the assessee section 68 of the Income-tax Act bad been duly discharged ? In 1971-72, the very first year of assessment of the firm, the ITO found certain deposits in the accounts of the partners in the boo....

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.... or committed any error of law. It appears to be well settled that if there are cash credit entries in the books of the firm in which the accounts of the individual partners exist and, it is found as a fact that cash was received by the firm from its partners then in the absence of any material to indicate that they were profits of I the firm, it could not be assessed in the hands of the firm. We ....