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TMI Blog1987 (10) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... e opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the books of account of the firm in which the assessee is a partner should be considered to be the assessee's own books of account in terms of section 68 of the Income-tax Act, 1961, and thereby confirming the addition of Rs. 8,400 found to have been credited in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and rejected by the Income-tax Officer and deleted the said income as from undisclosed sources from the taxable amount. The Tribunal, on appeal, however, accepted the explanation of the assessee only regarding Rs. 30,000 and did not accept the assessee's explanation regarding the remaining sum of Rs. 8,400 and, therefore, took that amount into consideration in assessing the income of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be treated as those of the individual partner also ? " At this stage, it would be appropriate to take notice of the two relevant provisions of sections 68 and 69 of the Income-tax Act, which are in the following terms: " 68. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firm are not to be treated as those of the individual partner, then the amount of Rs. 8,400 which represents alleged undisclosed income, could not be brought to tax along with the income of the assessee for the assessment year 1963-64, because in that case, the provisions of section 69 of the Income-tax Act shall be applicable. Perusal of section 68 of the Income-tax Act would show that in relat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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