https://www.taxtmi.com/caselaws?id=170925 The Department must prove by legal evidence that profits from transactions carried on by members of a Hindu joint family are in fact family income; a presumption cannot be drawn merely from surrounding circumstances. Here, the materials relied on, including the contract names, one family-book entry, the family's interest in the broker's firm, and delayed payment, did not show use of family funds or credit, so the finding that the profits belonged to the Hindu undivided family was unsupported. Because the addition itself failed, the concealment penalty under section 28(1)(c) also could not stand. The reference was therefore answered in favour of the assessee and against the Revenue. en-us Fri, 07 Sep 1956 00:00:00 +0530 Wed, 01 Jul 2015 12:26:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170925 The Department must prove by legal evidence that profits from transactions carried on by members of a Hindu joint family are in fact family income; a presumption cannot be drawn merely from surrounding circumstances. Here, the materials relied on, including the contract names, one family-book entry, the family's interest in the broker's firm, and delayed payment, did not show use of family funds or credit, so the finding that the profits belonged to the Hindu undivided family was unsupported. Because the addition itself failed, the concealment penalty under section 28(1)(c) also could not stand. The reference was therefore answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Fri, 07 Sep 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170925