TMI Blog1973 (10) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income-tax Appellate Tribunal is : " Whether the Tribunal was justified in law in disposing of the appeal by the Income-tax Officer solely on the ground that in the connected case of I. C. Gupta, it has been held under the Gift-tax Act that there was a gift by I. C. Gupta to the extent of Rs. 20,587 ? " The question has arisen in the following circumstances : The assessee, H. C. Gupta, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxed him under section 12B of the Indian Income-tax Act, 1922. The assessee went up in appeal. The Appellate Assistant Commissioner allowed the appeal holding that the transaction had caused not a capital gain to the assessee, H. C. Gupta, but a capital loss. This finding was arrived at on the basis that larger profits were earned during the assessment year by Kailash Motors than the company. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of gift. The Income-tax Tribunal appears to have applied the principle of res judicata in non-suiting the department and held that the decision of the Gift-tax Officer under the Gift-tax Act was final and binding on the income-tax authorities in respect of the interpretation or effect of the transaction of exchange which had been brought to tax by the Income-tax Officer under section 12B of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posed of the appeal filed by the Income-tax Officer solely on the ground that, in the case of I. C. Gupta, the Gift-tax Officer had held that the transaction was one in which I. C. Gupta had made a gift to the extent of Rs. 20,587 to the assessee, H. C. Gupta. We, accordingly, answer the question in the negative, in favour of the Commissioner of Income-tax. As no one has appeared on behalf of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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