TMI Blog1984 (2) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... the notice of the reference was prepared and lodged with the sheriff for service, but there is nothing further to show whether the service has been effected on the respondent. Normally, we would not have proceeded to hear the reference on merits. However, we do so, as it is conceded by Mr. Joshi that the questions raised in this reference are covered against the Department by two decisions of Div ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment year with which we are concerned is the assessment year 1963-64. In the course of assessment of the income of the assessee in the assessment year 1963-64, the ITO found that in the relevant previous year, several partners of the assessee had made gifts to their respective wives, minor children and grandchildren. The details have been noted by him. These gifts were made by passing entries in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instructed the joint family firm which acted as his banker and with which he had an account to debit him with the two sums and interest earned up to that date and credit the accounts of the son and daughter with the corresponding amounts. These instructions were carried out by the firm which submitted a voucher which the assessee signed. Although the Tribunal considered the transaction to be bona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e a valid gift effected by making entries in the books of account if there is evidence to show that the gift was made by the donor and accepted by the donee and acted upon by both of them. In view of the said decision, it is conceded by Mr. Joshi that both the questions raised must be answered in the affirmative and in favour of the assessee. The questions are answered accordingly. No order as to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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