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2012 (5) TMI 135 - HC - Income TaxAmount introduced by the minor partner in the assessee firm at the time of starting of business treated as income of the firm – Held that:- Failure to take into account that the period in question was the first year of the business of the assessee firm - the partnership firm was formed on 5.7.1990 and on 7.7.1990 Minor partner deposited capital money with the Firm through bank drafts - the accounting period being financial year i.e. ending on 31st of March, 1991, the Firm could not have any income at the time of its formation - if for any reason department was not satisfied with the financial capability of Minor partner the amounts could have been added to his hands and not at the hands of Firm - no material before the Tribunal in holding that amount introduced by minor partner at the time of starting of the business, as income of the assessee Firm – against revenue. Tribunal dismissing the appeal without recording any finding on the said grounds – Held that:- Tribunal was not justified in not considering the ground nos. 2 to 6 of grounds of appeal independently and it committed illegality in dismissing the appeal without recording any finding thereon – in favour of assessee.
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