1978 (6) TMI 93

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.... on the assessee for the said assessment year (year ending 31st March, 1974) the ITO asked the assessee to explain the reason for low drawings. The assessee explained that his minor son and his wife were also having income from money-lending business and that further assessee's minor son was assessed to tax on income earned by him. It was pointed out that the same was utilised for the personal pur....

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....fts found in the capital account furnished for the assessee's minor son from 1969-70 to 1973-74 were not properly explained. He took the view that the initial capital introduced by the assessee's minor son was not proved. Observing that the assessee himself had advanced the money in the name of his minor son, he added the sum of Rs. 33,614 standing to the credit of the assessee's minor son at the ....

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.... pointed out that the assessee's minor son was separately assessed to IT and the source of capital and other particulars were explained to the ITO City Circle VII(2) on Cl. No.1868-M. He pointed out that for the asst. yr. 1973-74 the minor son's assessment was completed by the said officer on 4th Feb., 1976 and for the asst. yr. 1974-75 on 20th Feb., 1976. It was also pointed out that the sum of R....