1987 (7) TMI 42

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..... Act "). The material facts giving rise to this application, briefly, are as follows : The applicant is a registered partnership firm carrying on business at Indore, While framing the assessment of the assessee for the assessment year 1978-79, the Income-tax Officer held that the sum of Rs. 35,000 credited in the account of Smt. Shilabai, wife of Parasram, one of the partners, was not satisfacto .....

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..... ee was based on surmises and conjectures and was arrived at by failing to take into consideration the relevant material and the circular of the Board. In reply, learned counsel for the Revenue contended that no question of law arose out of the order passed by the Tribunal. Having heard learned counsel for the parties, we have come to the conclusion that the following question of law does arise i .....

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