Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1985)13ITD467(JP.)
1. These are appeals filed by the assessee against the orders of the Commissioner (Appeals), Jodhpur, dated 5-5-1983 and contain ground Nos.5 and 4 for 1979-80 and 1980-81 out of which the last ground, the authorised representative, Shri S.D. Saraf, submits, be treated as withdrawn. The other ground Nos. 4 and 2 for 1979-80 and 1980-81 related to the inclusion of income in respect of 9 godowns which were till 31-1-1979 the properties of the firm and vide dissolution deed dated 31-1-1979 the said 9 godowns along with all the liabilities secured on such properties were taken out from the books of the firm and treated as properties jointly owned by the partners of the firm individually. The IAC considered the fact of the dissolution deed as on 31-1-1979 which is reproduced below: Whereas the said parties have been carrying on partnership business under the name and style of Sri Ganganagar Fertilizer Corporation at Sri Ganganagar and whereas the terms of their partnership were re-recorded...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1985)12ITD608(JP.)
1. The revenue and the assessee are in appeal against the order of the Commissioner (Appeals) dated 15-10-1982, and as the appeals are against the same order, the same are being disposed of by means of this common order.2. The revenue's grievance is that the Commissioner (Appeals) has erred in deleting the addition of Rs. 79,753 made by the ITO as income from undisclosed sources.2.1 The assessee's appeal is that the learned Commissioner (Appeals) has erred on facts and in law in sustaining the addition of Rs. 79,753 for alleged contravention of Section 40A(3) of the Income-tax Act, 1961 ('the Act') in the present case and that it is totally misconceived, contrary to the facts and without any material and in no case the same can be said to be covered by the provision contained in Section 40A(3).3. The brief facts, as observed by the ITO are as under : The original assessment was finalised on 6-12-1979 on a total income of Rs. 1,16,096. This total income included an addition made of Rs....
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