COMMISSIONER OF INCOME TAX Vs. HAPPY MEDICAL STORES

JUDGEMENT

(1.) THIS is a reference under Section 256(2) of the Income-tax Act, 1961, at the instance of the Revenue. In this reference, we are concerned with the assessment year 1974-75. The questions referred to us for our opinion are the following :

(2.) THE facts as found by the Tribunal are that the assesses is a partnership firm deriving income from sale of medicine on retail basis. THE books of the firm showed a deposit of Rs. 15,000 in the name of Bibi Zaibunnisa, wife of Samiullah, a partner of the firm. THE assessee was called upon to explain the nature and source of this deposit. It was stated that it was cash credit from Mst. Zaibunnisa to the partnership firm.

(3.) LET a copy of this judgment be transmitted to the Assistant Registrar, Income-tax Appellate Tribunal, in terms of Section 260 of the Income-tax Act.