1990 (9) TMI 124

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....late Tribunal to refer the following question, said to be of law and arising out of the order of the Tribunal dt. 23rd Jan., 1990, to the Hon'ble High Court of Judicature at Allahabad for its esteemed opinion: "1. Whether on fact and in the circumstances of the case the ITAT was correct in law in holding that unexplained capital contribution by the partner and credited in the books of the firm ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ained income of the firm and added to the total income under s. 68 of the IT Act. 4. The assessee filed an appeal before the AAC who deleted the addition by holding that the assessee had discharged his onus and he had given all the information required of him. The Revenue being aggrieved filed an appeal before the Tribunal which can confirmed the order of the learned AAC. the Revenue being aggr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e present case. In that case, the firm was required to establish the sources of the deposits and the explanation offered were disbelieved and thus in that case there was no occasion to conclude that the partners really owned the money. Here in this case, there is a clear finding of the Tribunal that the amount is a capital contribution by the partner and consequently the identity of the credito....