9911796707
TMI Blog1967 (1) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax Appellate Tribunal, "A" Bench, Calcutta, namely : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amount of Rs. 91, 668 inherited by Ghasiram Agarwalla from his deceased father under section 8 of the Hindu Succession Act, 1956, was his absolute property? (2) Whether, on the division of the aforesaid amount of Rs. 91,668 between Gha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1960, and at the time of his death, in the firm's book there was an account of Rs. 91,668 standing to his credit. This account in the name of Sagarmal continued in the firm's books up to March 24, 1961, the last day of the accounting year, and thereafter it was shown as equally divided between Ghasiram and his three sons and the amount was transferred accordingly to the individual accounts. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this separate property as his sole heir under section 8 of the Hindu Succession Act. So holding, the learned Appellate Assistant Commissioner found that the transfer by Ghasiram to his three sons was rightly treated as a gift and assessed as such by the Gift-tax Officer. This decision was confirmed by the Income-tax Appellate Tribunal which has made this reference to us in this case. The Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf-acquired property and it was therein stated as follows : "A Hindu, even if he be joint, may possess separate property. Such property belongs exclusively to him. No other member of the coparcenary, not even his male issue, acquires any interest in it by birth. He may sell it or he may make a gift of it, or bequeath it by will, to any person he likes. It is not liable to partition, and, on his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellate Tribunal that after the passing of the Hindu Succession Act the law is changed does not appear to be sound, because even before the Act the separate property devolved on the heirs of the individual concerned. Hence, in view of the findings of the court below on the facts that Rs. 91,668 left by Sagarmal Agarwalla at the time of his death in his account of the partnership business wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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