Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-16-1998
..... 24,45,000 to vikas builders. the other documents such as the partnership deeds and the other p&l a/c, etc., are at pp. 484 to 527 of the paper-book. from the confirmation and the other documents, ..... loan transaction. the confirmation letter from vignahar builders and developers are placed at pp. 473 to 476 of the paper-book. the capital account of the partnership firm and the balance sheet are placed at pp. 481 to 483. the balance sheet at p. 483 clearly shows the advancing loan amount of rs. ..... income from unaccounted sources and, thereby made addition of the same under s. 68 of the act. the learned counsel for the assessee submitted that it is well proved from the documents and record that the partnership firm was in existence before the assessee joined as a partner. the firm filed form nos. ..... jewellery has been received as gift by him by producing the gt return or any other evidence. however, we are conscious of the fact that in indian society everyone receives gifts at the time of marriage and other occasions. therefore, keeping in view the number of family members we are of the view ..... submissions, we feel that in order to adjudicate this legal issue it is pertinent to understand the object, implications, of provisions of chapter xivb of the act. chapter xivb provides for a special procedure for assessment in search cases, where search action has been initiated after 30th june, 1995. the definition of ' .....Tag this Judgment!