1990 (9) TMI 124 - AT - Income Tax

Summary

The CIT sought a reference to the High Court regarding unexplained capital contribution by a partner in a firm. The Tribunal held it was not covered under s. 68 of the IT Act. The High Court's decision in a similar case was distinguished, and the Tribunal's finding of genuine capital contribution was upheld. The reference application was rejected. (Case: Appellate Tribunal ITAT ALLAHABAD, 1990 (9) TMI 124)