2012 (11) TMI 984

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..... , being aggrieved by the order of Income Tax Appellate Tribunal, Ahmedabad dated 30.06.2010 ("Tribunal" for short) has preferred the present Appeal under section 260-A of the Income Tax Act, 1961, (hereinafter referred to as "the Act") proposing the following questions of law for determination of this Court: [A] Whether on the facts and circumstances of the case, the Tribunal was justified in hol .....

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..... e capital was introduced by two partners of the firm and as source of capital was not found satisfactorily explained, Assessing Officer added amount of Rs. 15,64,500/- as unexplained capital introduced by two partners in the hands of assessee firm. Secondly, he also disallowed the interest expenses paid to the partners of the firm which is sum of Rs.45,491/-. 3. This was challenged before CIT(App .....

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..... the appeal of the Revenue and the impugned order of Tribunal is challenged in this Tax Appeal. 5. As needs to be noted that this Court in case of Pankaj Dyestuff Industries (Supra) has held that the interest of the Revenue is safeguarded as liberty is already given to consider such credits in the hands of the partners if adjudicating authority was not satisfied with the source of investment of ca .....

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