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Partners to Explain Source of Gift received by their Minor Children
Case Law Details
- Case Name
- Banaras Chemical Factory Vs Commissioner Income Tax (Allahabad High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1990-91
- Courts
- All High Courts, Allahabad High Court
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Shri Ashish Bansal has in the end submitted, the assessee could not have been asked to explain the source of the source i.e. the assessee could not have been saddled with liability if the minors who advanced the money to the assessee could not explain the source of their receipts. We are not impressed by this submission either. We cannot loose sight of the fact that the minors in question were children of the partners in the firm and therefore, it had to be the partners who would have both arranged the gifts and also made the decisions to introduce money into the firm in name of the minors. It...
