1953 (10) TMI 5 - SC - Income Tax

Whether in the circumstances of the case any income arose to the assessee as a result of the transfer of shares and silver bars to the trustees ?

Whether the method employed by the Appellate Assistant Commissioner and upheld by the Appellate Tribunal in computing the assessee's income from the transfer is the proper method for computing the income ?

Held that:- Our answer to the first question is that in the circumstances of this case no income arose to the appellant as a result of the transfer of the shares and silver bars to the trustees. In view of that, the second question does not arise. Appeal allowed. The appeal is allowed