- (1.) The present appeal has been filed under section 260A of the Income-tax Act, 1961, by the assessee relevant to the assessment year 1991-92 against the order dated December 17, 2002, passed by the Income-tax Appellate Tribunal, New Delhi, in Appeal No. 2618/Del/98 whereby the appeal which was filed by the assessee was dismissed by the Tribunal. The background facts may be noticed in brief.
(2.) The appellant is a registered partnership firm constituted, vide partnership deed dated July 5, 1990. The firm was formed to carry on business of distributorship of medicines of M/s. Alembic Chemicals Work Co. Ltd., Baroda.
(3.) Master Shishir Kumar Garg (minor) was admitted to the benefits of the partnership firm as partner who contributed his capital account in the shape of two demand drafts of Rs. 1,90,000 and Rs. 72,000. These demand drafts were credited on July 7, 1990, by the bank in the account books of the firm (assessee). In the assessment proceedings, the Assessing Officer required the assessee-firm to explain the source of aforesaid contribution made by Master Shishir Kumar Garg. Explanation was offered which was not found satisfactory and the Assessing Officer has added a sum of Rs. 1,90,000 in the hands of the assessee, after rejecting the explanation furnished by Master Shishir Kumar Garg in respect of the said amount.;