1977 (12) TMI 26

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....30, 131, 132 and 133 of 1977. These are five applications by the revenue with a similar prayer that the Income-tax Appellate Tribunal be asked to refer certain questions of law to the hon'ble High Court for decision. For facility of reference, the facts of Income-tax Case No. 129 of 1977 may briefly be stated. The assessee is a partnership firm ; while examining the books of accounts of the asse....

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.... behalf of the assessee an issue was raised that one Bhupinder Singh, one of the partners of the firm, had made disclosure of investments in the names of 21 persons under the Finance Act, 1965. These persons had some surplus money, which they invested in this firm, through these hund shroffs. This matter was gone into by the Appellate Assistant Commissioner, who held that the aforementioned funds ....