9911796707
TMI Blog1989 (1) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... . The respondent is an assessee to income-tax. The matter arises with regard to the assessment year 1978-79. The respondent-assessee is a firm of Abkari contractors constituted by a deed of partnership dated March 1, 1977. The assessment was completed in the status of an unregistered firm. During the assessment proceedings, two credits of Rs. 40,000 and Rs. 1,50,000 in the names of one P. P. Raju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unwarranted. It was further held that the Commissioner of Income-tax (Appeals) was in error in directing the Income-tax Officer to grant registration to the assessee-firm by condoning the delay in filing the application in Form No. 11. The Revenue filed an application before the Tribunal under section 256(1) of the Income-tax Act to refer certain questions of law which, according to the Revenue, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olding (i) 'Except for the fact that the partners participated in the bid on March 10, 1978, the business, in fact, was not commenced and the same was commenced only from April 1, 1978' ; (ii) 'Since no business has been done during the year in question, there cannot be a firm in existence' and are not the above findings incorrect, legally and factually ? 3. Whether the, date given in line 6 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explain the cash credits. That cash credits appeared in its journal-cum-ledger on March 31, 1978, is admitted. In such circumstances, the applicability of section 68 of the Income-tax Act, 1961, calls for consideration. Prima facie, we are of the view that the questions of law, formulated as questions Nos. 1 and 2, arise out of the appellate order of the Tribunal dated February 17, 1986, in I. T. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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