CIT Vs. K. CHINNATHAMBI

JUDGEMENT

(1.) THIS appeal is filed by the revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'), against the order of the Income Tax Appellate Tribunal dated 29 -8 -2003, made in I. T. A. No. 1812/Mds/1996, raising the following substantial questions of law : 1. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the assessing officer was not correct in invoking Sections 69 and 69A of the Income Tax Act, 1961, in the hands of the persons in whose names the monies stood invested on the ground that some members of the public have claimed monies as belonging to them and that too in the absence of any corroborative evidence ?

(2.) WHETHER , on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was right in holding that income, if any, on the unexplained investments should be considered in the hands of the firm especially when it had been found that the firm itself was not genuine and in the absence of any evidence to show that the deposits belonged to such a firm ?

(3.) WHETHER , on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was right in giving directions which are incapable of compliance like linking up of the deposits with the accounts of a firm which was admittedly not genuine and which has not maintained proper books of accounts ?