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TMI Blog1987 (1) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... t - therefore gift is invalid - hence it is to be included in net wealth and interest credited is not deductible - - - - - Dated:- 23-1-1987 - Judge(s) : SABYASACHI MUKHERJEE. and S. NATARAJAN. ORDER Civil Appeal No. 1164 of 1974 : This appeal relates to the assessment under the Wealth-tax Act, 1957, for the year 1964-65. The Wealth tax Officer rejected the claim of the assessee for del ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1954, was only Rs. 7,626, although it had assets of about Rs. 7 lakhs in the form of negotiable securities, etc. The Tribunal also recorded a finding that Rs. 2 lakhs was gifted only by entries in the books of account. It was found further that no interest was ever paid to Tej Prakash from October 6, 1954, until October, 1963, when a sum of Rs. 12,852 was credited by way of interest in the accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cceptance of the gift on behalf of the donee. On these facts found by the Tribunal, the High Court came to the conclusion that, in the facts of the case, " there was no gift in fact made by Shri Kishan Das to Tej Prakash ". In the circumstances, the High Court was of the opinion that the sum of Rs. 2 lakhs cannot be excluded from the computation of the wealth of the Hindu undivided family. The que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n C.A. No. 1164 of 1974. In view of the said decision and findings of the High Court that the gift in favour of Tej Prakash was not valid, the amount of the gift was all along the property of the Hindu undivided family. Therefore, no question of deduction of interest paid to Tej Prakash would arise in this case. In the premises, this appeal must also fail and is accordingly dismissed with no order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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