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2006 (9) TMI 126 - HC - Income TaxIncome from Undisclosed Sources - statement of the contract works executed by the assessee-firm shows that the value of the total works executed during the assessment year 1989-90 is Rs. 19,00,034.68 and the firm has duly accounted for it in its return of income - Assessing Officer, the Commissioner of Income-tax (Appeals) and the learned Tribunal could not find any material on record to hold that the assessee had executed any other contract than what has been assigned to it and reflected in the return of income - On this background, it can be said that the learned Tribunal erred in law in holding that the discrepancy in the bank account of the major partner or any other amount received by the major partner and deposited in his bank account would be treated as an income of the assessee-firm
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