TMI Blog1990 (9) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the Tribunal dt. 23rd Jan., 1990, to the Hon'ble High Court of Judicature at Allahabad for its esteemed opinion: "1. Whether on fact and in the circumstances of the case the ITAT was correct in law in holding that unexplained capital contribution by the partner and credited in the books of the firm is not covered under s. 68 of the IT Act. 2. Whether on facts and in the circums ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. The assessee filed an appeal before the AAC who deleted the addition by holding that the assessee had discharged his onus and he had given all the information required of him. The Revenue being aggrieved filed an appeal before the Tribunal which can confirmed the order of the learned AAC. the Revenue being aggrieved has come up in reference before the Tribunal. 5. That the learned Departme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposits and the explanation offered were disbelieved and thus in that case there was no occasion to conclude that the partners really owned the money. Here in this case, there is a clear finding of the Tribunal that the amount is a capital contribution by the partner and consequently the identity of the creditors stood established. There was a further finding that the genuineness also stood e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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