The said finding was companyfirmed by the Tribunal and the Tribunal referred the following question to the High Court see 1978 115 ITR 178, 181 Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the gifts of immovable properties belonging to the joint family made by its karta to his minor daughters were number invalid and that, therefore, the value of the settled properties should number be included in the assessment of the asses see family ?
At the instance of the Revenue, the Tribunal referred to the Madras High Court the following question see 1978 115 ITR 178, 180 Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the gifts of immovable properties belonging to the joint family made by its karta to his minor daughters were number invalid and that, therefore, the income from the settled properties should number be included in the assessment of the assesses family ?
The references, income tax as well as wealth tax, relating to the assessment years 1965 66 to 1968 69 were disposed of by the Madras High Court by judgment dated October 18, 1977, while such reference regarding income tax relating to the year 1969 70 was disposed of by the High Court by its judgment dated January 17, 1979, and the reference relating to wealth tax for the assessment year 1969 70 was decided by the High Court by its judgment dated April 17, 1980.
The total assets of the assessee amounted to Rs.
On appeal, the Appellate Assistant Commissioner directed the Income tax Officer to exclude the income from the properties in view of his earlier decision about the validity of the gifts made by the assessee.
8, 9 and 12, Karpagambal Nagar, Mylapore, Madras, to his three minor daughters, Padmalochani, Hamsa and Usha, respectively, by three separate documents.
90,000.
Similarly, in the matter of the wealth tax assessment of the assessee for the assessment years 1965 66 to 1969 70, the Wealth tax Officer sought to include the value of the properties gifted by the assessee to his three minor daughters.
The Appellate Assistant Commissioner directed the exclusion of the value of these properties in view of his finding that the gifts were valid.
In the income tax assessments of the assessee for the assessment years 1965 66 to 1969 70 the incomes from the properties which were so gifted to the minor daughters were assessed in the hands of the assessee.
The total value of the properties gifted to the three minor daughters is stated to be about Rs.
The Tribunal, on appeal, upheld the said orders and held that the gifts were number invalid and their income companyld number be assessed in the hands of the assessee.
No appeal was filed before the Income tax Appellate Tribunal hereinafter referred to as the Tribunal against the said order of the Appellate Assistant Commissioner.
One, K.N. Shanmuga Sundaram, has gifted premises bearing door Nos.
13 lakhs.
The Appellate Assistant Commissioner also held that the gifts were valid gifts and the gift tax had to be charged on them.
For the assessment year 1965 66, the Gift tax Officer made a protective assessment accepting the assessees companytention that the gifts were valid.
N. Shanmughasundaram, J. Civil Appeals Nos.
1025 1033 of 1982 upon being mentioned taken on board.
These appeals by certificate of fitness granted under Section 261 of the Income tax Act, 1961, and under Section 29 of the Wealth tax Act, 1957, raise a companymon question for companysideration and, therefore, they are being disposed of by this companymon order.
As per the gift deeds the gifts were made on account of the affection which the assessee had for his minor daughters and also the duty which the assessee and his minor son owed to maintain the donees in future in companyformity with their family status and dignity and also to give the minor daughters necessary marriage presents and streedhanam at the time of their marriage.
