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2004 (11) TMI 68 - HC - Income TaxTransfer of asset - "1. Whetherthe Tribunal is right in holding that the gifts of Rs. 10,000 made on March 29, 1980 to Smt. Chander Kala and of Rs. 15,000 to Smt. Tara Devi on March 3,1981, were a part of the same transaction and a device to bypass the provisions of section 64(1)(vi)? 2. Whether, Tribunal is right in holding that the share income of Smt. Chander Kala (Smt. Tara Devi) from the firm M/s. Verma Brothers Toka Store, is includible in the income of Shri Om Dutt (Smt. Sushila Devi) under the provisions of section 64(1)(vi)?" - Held that the transfers made by Smt. Sushila Devi in favour of Smt. Chander Kala and by Shri Om Dutt in favour of Smt. Tara Devi were part of the same transaction and a device to by-pass the provisions of section 64(1)(vi) and the Assessing Officer did not commit any illegality by declaring that the same was includible in the income of Shri Om Dutt and Smt. Sushila Devi.- Tribunal rightly reversed the order passed by the Appellate Assistant Commissioner and restored the one passed by the Assessing Officer.
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