https://www.taxtmi.com/caselaws?id=67708 The Tribunal ruled in favor of the assessee-firm, determining that the profits earned in the names of minors were genuine and should not be assessed in the firm's hands. The penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for alleged income concealment was deemed unjustified as the assessee had provided reasonable explanations supported by documentary evidence and separate account books. Therefore, the penalty was canceled, and the Tribunal allowed the appeal, absolving the assessee-firm of any wrongdoing in relation to the income assessment and penalty imposition. en-us Tue, 16 May 1978 00:00:00 +0530 Mon, 14 Mar 2011 11:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67708 The Tribunal ruled in favor of the assessee-firm, determining that the profits earned in the names of minors were genuine and should not be assessed in the firm's hands. The penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for alleged income concealment was deemed unjustified as the assessee had provided reasonable explanations supported by documentary evidence and separate account books. Therefore, the penalty was canceled, and the Tribunal allowed the appeal, absolving the assessee-firm of any wrongdoing in relation to the income assessment and penalty imposition. Case-Laws Income Tax Tue, 16 May 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67708