1986 (7) TMI 66

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.... 1977-78. A question arose as to whether the amount of interest credited to the account of her minor sons in the firms, Chandra Mukhi Onkar Nath and Lala Kashi Nath Seth, ought to be included in the income of the applicant under section 64(1)(iii) of the Income-tax Act, 1961. The point was decided against the assessee. On her application, however, the Tribunal has referred to this court the follow....

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....llowing question of law may be referred to this court for its opinion : "Whether, on the facts and circumstances of the case, the Tribunal was legally justified in upholding the imposition of penalty under section 271(1)(c) for non-disclosure of interest income of the minor children in the assessee's total income the inclusion of which had been contested by the assessee ?" The aforesaid appl....