9911796707
TMI Blog1980 (2) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... guwar cotton and narma etc. The learned ITO, during the course of assessment proceedings, noticed that a profit of Rs. 6,053 was credited to one Shri Laxmi Narain, minor son of Shri Shivnarain, in the arhat of the assessee firm on purchase and sale of 150 bags of gram. According to the assessee, the said transactions had taken place on behalf of the minor son. Then learned ITO recorded the stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the hands of the firm, because the minor was not competent to enter into the contract. 4. The learned AAC after hearing the assessee and considering the evidence on record, was of the opinion that the transaction of purchases and sales were entered into by Shri Laxmi Narain. The income earned was credited in the account of Shri Laxmi Narain was having sufficient funds with the firm, for en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit earned by Shri Laxmi Narain was also enjoyed by him. On behalf of the Revenue, no material worth the name was placed on record to establish that really the transactions were undertaken by the firm and profits in question were enjoyed by the firm. In absence of any such material, and in view of the aforesaid discussion, the profit of Rs. 6,053 cannot be added in the hands of the firm. So th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
