It was further found as the High Court numbered that the amount of gift was never utilised by Tej Prakash for any purpose of his own, but was available and was utilised for business of the Hindu undivided family.
It was found further that numberinterest was ever paid to Tej Prakash from October 6, 1954, until October, 1963, when a sum of Rs.
1165 of 1974 This appeal arises out of the assessment to income tax for deduction of the interest paid in the background of the facts narrated in the order in C.A. No.
The High Court on an analysis of the facts found that the Tribunal came to the companyclusion that the cash balance available with the.
The Wealth tax Officer rejected the claim of the assessee for deleting the amount of Rs.
Thereafter, there was a reference to the High Court under Section 27 1 of the Wealth tax Act, 1957.
1164 of 1974 This appeal relates to the assessment under the Wealth tax Act, 1957, for the year 1964 65.
The assessee filed an appeal which was dismissed by the Appellate Assistant Commissioner.
There was numberevidence that the karta in his capacity as the guardian of the minor had accepted the gift.
assessee on the date of the alleged gift, that is to say, on October 6, 1954, was only Rs.
2 lakhs which was claimed to have been gifted was number available to the assessee for making a gift on the date alleged.
The question of law referred to the High Court was whether, on the facts and in the circumstances of the case, the sum of Rs.
In further appeal, the Appellate Tribunal held that there was a valid gift and the amount was liable to be excluded from the wealth of the Hindu undivided family.
7 lakhs in the form of negotiable securities, etc.
2 lakhs was gifted only by entries in the books of account.
The Tribunal also recorded a finding that Rs.
2 lakhs was rightly excluded from the companyputation of the assessees wealth.
12,852 was credited by way of interest in the account of Tej Prakash.
Civil Appeal No.
Civil Appeal No.
7,626, although it had assets of about Rs.
There was also numberevidence of the acceptance of the gift.
2 lakhs as gift.
1164 of 1974.
