( 1 ) THE question that has been raised in this petition is whether the Income-tax officer can reject the explanation of an assessee in respect of any sums found credited in his books, on the ground that the nature and source of the said sum in the hands of the depositors in whose names the credit stands, has not been satisfactorily explained merely by the said depositor, having declared it as his income in pursuance to the voluntary disclosure scheme set out in Finance (No. 2) Act of 1965 (Act no. XV of 1965 ).

( 2 ) THE petition has been filed by three petitioners. Messrs Jain Brothers, a partnership firm, is petitioner No. 3 and consists of two partners, Rattan Lal, petitioner No. 1, and Khazanchi Lal, petitioner N o- 2. The firm is being assessed in the status of a registered firm under section 184 of the Income-tax Act, 1961, herein called the 1961 Act", while petitioners Nos. I and 2 are being assessed in the status of individuals. The Income-tax officer has been impleaded as respondent No. I, while the Additional Commissioner of Income-tax is respondent No. 2. The Commissioner of Income-tax is respondent No. 3, and the Chairman, Central Board of Direct Taxes