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TMI Blog2022 (5) TMI 858X X X X Extracts X X X X X X X X Extracts X X X X ..... ers of the firm, but also by three witnesses. The names of the partnership firm also figured in it. The Tribunal also took notice of the fact that the withdrawal of the money was from the firm. Thus, in view of the findings of fact recorded by the Tribunal as referred to above, no substantial question of law for the purpose of deciding this appeal under Section 260A. - R/TAX APPEAL NO. 192 OF 2022 - - - Dated:- 14-3-2022 - HONOURABLE MR. JUSTICE J.B.PARDIWALA AND HONOURABLE MS. JUSTICE NISHA M. THAKORE MR SN DIVATIA FOR THE APPELLANT ORDER PER : HONOURABLE MR. JUSTICE J.B.PARDIWALA 1 This appeal under Section 260A of the Income Tax Act, 1961 (for short, the Act, 1961 ) is at the instance of an unsuccessful as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Tribunal so far as the issue No.2 is concerned. The issue No.2 came to be answered as under: 9.2 As regards the contention of the assessee on merit that the amount of withdrawal shown in the seized documents represents the amount belonging to the partners in their personal capacity. As per the assessee, the settlement was made among the partners for setting their individual accounts of the investments made in the shares through the partnership firm. Thus, the impugned amount does not represent the income of the firm. In this regard, we find that the provisions of Section 292C of the Act contains the assumption with respect to the documents found in the course of search. The assumption says that the contents of the documents found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts of the firm as well as in the individual ledger of the partners maintained by the firm. But, on perusal of the financial statement of the firm and the capital account of the partners, we note that such figures are not appearing herein. The necessary details of the financial statement of the assessee and capital account of the partners are placed on pages 12 to 20 of the paper book. Thus, we find difficult to believe the version of the assessee that the impugned withdrawal represents the settlement of the partners account in their individual capacity. 9.5 It is also significant to note that the addition in the present case was made based on the seized documents. In other words, the addition was not made solely on the basis of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l was that the amount of withdrawal reflected in the seized document represented the amount of the partners in their personal capacity. The Tribunal first looked into Section 292C of the Act and thereafter, noticed from the materials on record that the note in question was duly signed not only by all the partners of the firm, but also by three witnesses. The names of the partnership firm also figured in it. The Tribunal also took notice of the fact that the withdrawal of the money was from the firm. 6 Thus, in view of the findings of fact recorded by the Tribunal as referred to above, none of the two questions as proposed by the writ applicant could be termed as substantial question of law for the purpose of deciding this appeal under Se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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