1980 (2) TMI 134

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.... income from arhat, purchase and sale of gram, oil seeds, barely, wheat, binola, 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 ....

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....se. It was not correct on the part of the ITO to say that the profit should be added 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....