9911796707
TMI Blog2002 (5) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... see filed his return of income for the assessment year 1990-91. He declared an income of Rs.2,84,930. During the course of proceedings, the Assessing Officer found that the respondent had made a revocable gift of 6,000 equity shares, of Hero Cycles (P.) Limited to Om Parkash Pankaj Munjal Associates during the accounting period relevant to the assessment year 1982-83. During the period from 1982-8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 1982-83 was invalid. Thus, the allotment of 28,000 bonus shares to Om Parkash Pankaj Munjal Associates was also void. The income from these shares, viz., Rs.2,62,500 should have been assessed in the hands of the respondent-assessee. The issue regarding the validity of the gift was raised by the Revenue in T.R. No. 1A of 1994. Vide order dated May 16, 2002 (see CGT v. Satya Nan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , it is the admitted position that on revocation of the gift, only 6,000 shares had reverted to the assessee and not 34,000. Nothing has been pointed out from the record to show that in fact all the 34,000 shares, viz., the 6,000 originally gifted and 28,000 bonus shares had reverted to the assessee. In the absence of such evidence on record, it cannot be said that the dividend on the 28,000 share ..... X X X X Extracts X X X X X X X X Extracts X X X X
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