1996 (4) TMI 31

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..... he case pursuant to an order of this court dated August 5, 1991, and the following question has been referred for our answer : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in sustaining the order of the Appellate Assistant Commissioner on a finding that the newly constituted firm was genuine? " We have gone through the reference .....

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..... r asked to explain the delay in filing the application for registration and no explanation was given. The Income-tax Officer also found that the explanation of the new partners was not satisfactory. The Income-tax Officer observed that as the new partners were not produced, the genuineness of the firm could not be examined and also the sources of investment of the new partners could not be ascerta .....

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..... g of the Appellate Assistant Commissioner. Hence, the Revenue came before this court for calling for a reference and on that application, a reference was called for and the aforementioned question has been referred by the Tribunal for our answer. We find that there are concurrent findings of fact recorded by the Appellate Assistant Commissioner and the Tribunal and they did not find any ground f .....

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