9911796707
TMI Blog1993 (12) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... aughter) Rs. 25,000 3. Kum. T.J. Deepa (minor daughter) Rs. 33,750 The amounts represented amounts of investments in immovable properties. The ITO further noticed that the minor children had only fixed income and therefore, they could not have income from other sources. The funds for investments must have proceeded only from the assessee, who is their father. Though such sums were assessed under the amnesty scheme in the respective hands of the minor children, he would still hold that it was the assessee who financed the investments in the name of the minor children, in view of the limited sources of income for the minor children. The assessee did not succeed before the first appellate authority and hence he is on second appeal before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 . 1979-80 35,690 . 1980-81 23,760 . 1981-82 44,350 lease rent, dividend, etc. 1982-83 69,600 . 1983-84 26,280 . 1984-85 48,020 . They were having accumulations over the years from their sources of their income. However, as strict proof could not be given for such accumulation when they were finally invested, the minor children went under the Amnesty Scheme through their father and natural guardian. Assessments have been completed on the basis of the returns filed under the Amnesty Scheme in the hands of the minor children. Therefore, to bring the amount to tax again in the hands of the father and natural guardian would amount to double taxation. 3. Shri Abraham, the learned Departmental Representative, contended that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Venkateswaran, learned Chartered Accountant, pleaded that the children had accumulation over the years. In order to verify this, we direct the ITO to take the total of the income assessed upto and inclusive of the asst. yr. 1984-85 excluding of course the income offered under other sources for the asst. yr. 1984-85 in their hands. From the above assessed income, taxed paid by the minor children should be deducted (income-tax and wealth-tax). Any refunds given to the minor children should be added. The minor children should be given credit for their share of any gross profit addition or disallowances made to the firms in which they were admitted to the benefits of partnership either by themselves or as beneficiaries in the trust which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 676. Further the assessee had paid advance tax of Rs. 22,728. Hence, the minor child had to explain the increase in investment to the extent of Rs. 63,404. As against this the minor child had only Rs. 35,994 as income during the year. In arriving at this figure of Rs. 35,994, the Assessing Officer did not take into account the sum of Rs. 39,200 offered as income under other sources during the previous year. In this manner, he worked out the shortfall in the explanation of the investment in a sum of Rs. 27,410. He took this shortfall as unexplained investment in the name of T.J. Jaikish and assessed it under s. 69 in the hands of the assessee. The addition was confirmed in appeal. 6. We have heard rival submissions. The addition was made a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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