TMI Blog1952 (3) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... these amounts were actually brought in from Jaipur by means of drafts of the Imperial Bank of India, Jaipur. Therefore, we start with this position that these amounts do not represent fictitious entries but they represent actual cash received by the firm through some of its partners. Now, these partners were called upon to explain how these moneys were available to them in Jaipur and how they managed to get these moneys to the credit of the assessee firm; and we accept the Tribunal's finding that no satisfactory explanation was vouchsafed by any of these partners. All that they said was that the firm had suffered losses and, therefore, they had brought these moneys from Jaipur and come to the help and assistance of the firm. But, it rem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it would be legitimate for the department to draw an inference that those moneys represented the undisclosed profits of the firm. But here the only finding we have from the Tribunal is that these moneys were brought in by the partners from their native place and that no adequate explanation is forthcoming from the persons themselves as to where these moneys came from. Now, it seems to mo that the assessee firm has discharged the burden which was upon it to explain these credit entries and it has discharged the burden by satisfying the department that these entries represent genuine remittances received from Jaipur which have gone into the coffers of the firm. When that burden is discharged, it would be for the department to find that notwit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n that there were no materials on which the department could have come to the conclusion that these credits represented undisclosed profits of the firm. [2] Sir Jamshedji has drawn our attention to the statement of the case where the Tribunal seems to have taken the view that the questions that we had framed and which we had asked the Tribunal to refer to us were not proper questions and they have suggested what the proper question is. In our opinion that was not the proper attitude for the Tribunal to take. The law and procedure are perfectly clear. It is open to the assessee to apply to the Tribunal to refer the questions of law to us. If the Tribunal refuses, then the assessee comes before us and we, if we think it a fit case, frame t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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