TMI Blog2000 (5) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... e statement of the case is as follows : The assessee, Smt. V. Chandra, was assessed as an individual for the assessment year 1970-71. Her husband, Shri C. N. Chandra, had purchased ten national savings certificates of Rs. 5,000 each in the names of the assessee and her son, Shri Ramesh Chandra. In April, 1960, the assessee's husband gifted the certificates to the assessee. He died on July 13, 1968. These certificates were encashed in 1970. It was contended before the Income-tax Officer on behalf of the assessee that the maximum permissible limit for holding such certificates was Rs. 70,000 by two adults jointly, and since in the present case the two sets of certificates worth Rs. 50,000 each were held by two different adults, the interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tificates Rules, 1960 (in short "the Rules"). The assessee's stand before the authorities was reiterated, while the Revenue supported the order of the Appellate Assistant Commissioner. Noticing the restrictions imposed by the provisions of section 3 of the Savings Act, the Tribunal was of the view that there was no valid gift and, therefore, inclusion of Rs. 32,500 was not sustainable. An application was filed seeking reference of the question which has been quoted above. The prayer being turned down this court was moved under section 256(2) of the Income-tax Act, 1961. The direction was given for reference of the question quoted above. In support of the application, learned counsel for the Revenue submitted that the Tribunal has not co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h. Estoppel is a complex legal notion, involving a combination of several essential elements-statement to be acted upon, action on the faith of it, resulting detriment to the actor. Estoppel is often described as a rule of evidence, as indeed it may be so described. But the whole concept is more correctly viewed as a rule of law. An estoppel is not a cause of action-it is a rule of evidence which precludes a person from denying the truth of some statement previously made by himself. (per Lindley L. J. in Law v. Baiveria [1831] 3 Ch. D. 82 at page 101). It being the duty of a court to give effect to a statute, in spite of conduct of parties, there can be no estoppel against a statute. When a particular act is declared to be void and unlawful ..... X X X X Extracts X X X X X X X X Extracts X X X X
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