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TMI Blog1971 (11) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... o questions for the opinion of this court : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the gift made by Sri Phool Chand to his wife was invalid ? (2) If the answer to the above question is in the affirmative, whether the amount of interest credited to the account of the wife of Sri Phool Chand, a partner in the assessee-firm, was righ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est in question as paid by the assessee to Phool Chand, a partner, he disallowed the claim. The Appellate Assistant Commissioner, on appeal by the assessee, held that the amounts were allowable as an expense in the hands of the assessee. He also found that the amount of interest had been assessed since in the hands of the wife. The Income-tax Officer appealed to the Income-tax Appellate Tribunal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions issued to the firm, entries were made debiting the account of the donor and crediting the account of the donee with the amount sought to be transferred. This court, after considering the several cases on the point, came to the conclusion that the nature of the business carried on by the partnership firm was not a necessary criterion for determining the validity of the gift. In the case befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n her power to delete the entries at any time she liked subsequently. But, the Tribunal has adverted to the observations contained in a subsequent part of the judgment where the learned judges disagreed with the basis on which the decision in Commissioner of Income-tax v. New Digvijaysinhji Tin Factory was rendered, which in turn appeared to follow the earlier decision of the Bombay High Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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