Commissioner of Income-tax and anr. Vs. Md. Perwez Ahmad and ors. - Court Judgment |
SooperKanoon Citation | sooperkanoon.com/130679 |
Subject | ;Direct Taxation |
Court | Patna High Court |
Decided On | Sep-10-2003 |
Case Number | M.A. No. 284 of 2000 |
Judge | Nagendra Rai and R.S. Garg, JJ. |
Acts | Income Tax Act, 1961 - Sections 68 and 260A |
Appellant | Commissioner of Income-tax and anr. |
Respondent | Md. Perwez Ahmad and ors. |
Disposition | Appeal dismissed |
Excerpt:
- - 2. the tribunal after having considered the materials on record has found that section 68 of the income-tax act, 1961, is not attracted in the case for the reason that in this case credit in the books of account of the assessee-firm is on account of introduction of capital by the partners and the firm has failed to prove the amount credited in the books of account and as such it would be assessed in the hands of the partners as unexplained investment. 1. heard learned counsel for the parties.2. the tribunal after having considered the materials on record has found that section 68 of the income-tax act, 1961, is not attracted in the case for the reason that in this case credit in the books of account of the assessee-firm is on account of introduction of capital by the partners and the firm has failed to prove the amount credited in the books of account and as such it would be assessed in the hands of the partners as unexplained investment.3. in view of the aforesaid finding, in our view, no substantial question of law arises in this case warranting interference. accordingly, this appeal is dismissed.
Judgment: 1. Heard learned counsel for the parties.
2. The Tribunal after having considered the materials on record has found that Section 68 of the Income-tax Act, 1961, is not attracted in the case for the reason that in this case credit in the books of account of the assessee-firm is on account of introduction of capital by the partners and the firm has failed to prove the amount credited in the books of account and as such it would be assessed in the hands of the partners as unexplained investment.
3. In view of the aforesaid finding, in our view, no substantial question of law arises in this case warranting interference. Accordingly, this appeal is dismissed.