9911796707
TMI Blog1971 (7) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... ssments of the assessee for the years 1947-48, 1948-49, 1949-50, 1950-51 and 1951-52. The assessee is an individual. On July 12, 1943, it is said the assessee made a gift of Rs. 5,11,101 to his brother, Brijlal Lohia, and another sum of Rs. 2,50,000 to Nand Kishore Lohia, his nephew. Thereafter, the assessee's brother and nephew are said to have started a new firm dealing in jute. At about the same time the assessee stopped his business. The assessee was also dealing in jute. The question for consideration is whether the gifts alleged to have been made by the assessee were genuine gifts. The question came up for consideration before the authorities under the Act while dealing with the assessment of the assessee for the years 1945-46 and 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 16,79,223 and Rs. 61,968 as the balance left over to his credit in his profit and loss account. (ii) A sum of Rs. 6,32,804 being his credit balance in his capital account in the partnership business styled Kanailal Lohia (Jute Press). These items, namely, in (i) and (ii), taken together, worked out to Rs. 23,73,995. (iii) House properties whose value had been estimated at Rs. 19,00,000. (iv) Besides those the assessee had certain further assets which had remained undisclosed till the year 1951, valued at over Rs. 20,00,000. " The Tribunal accordingly held that the assessee's financial position was such that he was capable of making gifts to his brother and nephew of 7,61,101. Proceeding further, the Tribunal observed : " (b) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... donation from the assessee. "' The Tribunal took into consideration the following further circumstances : (a) Registration of the firm, Messrs. Brijlal Nandkishore, under section 65 of the Indian Partnership Act with the Registrar of Firms on the 23rd December, 1948 ; (b) Sales tax registration certificates showing the two persons, namely, Brijlal Lohia and Nandkishore Lohia, as partners of the firm known as Messrs. Brijlal Nandkishore ; (c) Affidavit dated the 8th September, 1954, sworn by the assessee stating therein that he had given Rs. 5,11,101 and Rs. 2,50,000 to his brother, Brijlal Lohia, and nephew, Nandkishore Lohia, absolutely and that he had no concern, right, title or interest whatsoever in the aforesaid gifted money or in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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