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TMI Blog2001 (7) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of the court was delivered by JAWAHAR LAL GUPTA J.-In this appeal under section, 260A of the Income-tax Act, 1961, the Revenue claims that the fallowing substantial question of law arises in this case : "Whether, on the facts and the circumstances of the case, the learned Income-tax Appellate Tribunal was justified in law in dismissing the appeal of the Revenue whereby affirming the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctively. They made these payments by account payee cheques. The Assessing Officer made a query from these partners. They stated that the deposits had been made by them from their individual sources. The explanation was not accepted. It was observed that the partners did not appear to have any other independent business. Consequently, the amount of Rs. 37,000 was treated as the income of the firm. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Department and paid tax on the same irrespective of the source of income and those very amounts have been credited to their capital accounts in the firm . . ." On this basis, the Tribunal held that the amount did not represent the income of the firm. It is to challenge this order that the present appeal has been filed. Mr. Sawhney contended that the order passed by the Tribunal is wholly illega ..... X X X X Extracts X X X X X X X X Extracts X X X X
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