2006 (1) TMI 127 - HC - Income Tax

Tribunal decided that as the wife of the assessee has no independent income the acquisition made in her name will be treated as acquisition made by the assessee - Tribunal has adopted a correct approach by observing that the tax paid by the wife in the facts of this case would be treated as the tax paid by the assessee - finding of Tribunal that the wife of the assessee has no income was based on the materials on record assessee s appeals are dismissed

Summary

The High Court of Patna dismissed three connected appeals where the Income-tax Appellate Tribunal held that acquisitions made in the wife's name would be treated as the assessee's acquisitions if she had no independent income. The Tribunal's decision was upheld as no convincing evidence was presented to challenge the finding.