9911796707
TMI Blog2006 (2) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... & creditworthiness of the two creditors – finding that the onus had been discharged by the assessee was one of fact – no question of law arise in the reference application - ITA 132 OF 1994 - - - Dated:- 28-2-2006 - D.K. JAIN C.J. AND SURYA KANT JUDGMENT The judgment of the court was delivered by 1 D. K. Jain, CJ. By this petition under Section 256(2) of the Income Tax Act, 1961(f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petition has now come up for hearing. 3 Briefly stated the material facts, giving rise to the present petition, are as follows:- 4 During the course of assessment proceedings for the assessment year 1989-90, for which the relevant accounting period ended on 31.3.1989, the Assessing Officer noticed that in the capital accounts of the two partners, namely, S/s Kulwant Singh and Daljit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter-alia, observing that the Bank drafts had been obtained by both the partners from their respective savings bank accounts, copies whereof had been produced before the Assessing officer; which fact was confirmed by the Bank and the financial standing of both the partners was sound, one of them, namely, Kuwlant Singh being in liquor business, by the impugned order, the Tribunal has deleted both t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n and, therefore, addition under Section 68 of the Act was warranted. It is pleaded that a question of law does not arise from the order of the Tribunal and, therefore, Revenue's application under Section 256(1)was wrongly dismissed. 9 We are unable to persuade ourselves to agree with the learned counsel. As noticed above, the Tribunal has recorded in clear terms that the amounts found credite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, referred to by the Commissioner (Appeals) and, therefore, the findings recorded by it are perverse, is stated to be rejected on the short ground that no specific question in this behalf has been raised in the reference application. Having failed to do so, the Revenue cannot be permitted to urge the contention at this juncture. 10 As noticed supra, the findings recorded by the Tribunal are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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