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TMI Blog1996 (5) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... spose of two income-tax cases Nos. 58 and 59 of 1994, in which common questions of law and fact arise. For the sake of convenience, the facts are being taken from I. T. C. No. 58 of 1994. The assessee is an individual. He through a gift deed gifted 6,000 equity shares of the face value of Rs. 25 each of Hero Cycles to Yogesh Chander and Brothers Associates. 4,000 shares by way of bonus came to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 received by the donee had to be taxed in the hands of the donor-assessee herein. Feeling aggrieved by the order of the Assessing Officer, the assessee filed an appeal before the Commissioner of Income-tax (Appeals) who upheld the order and affirmed the addition made in the income of the assessee. When the matter came up before the Tribunal in second appeal, it referred to its earlier decision d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Associates to whom the assessee had earlier gifted equity shares and the said gift was held to be wholly void ? " We have heard counsel for the parties and perused the orders of the Appellate Tribunal. The question whether the sum of Rs. 25,000 should be assessed in the hands of the assessee depends on the answer to the question whether the gift made by the assessee was valid or not and since t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by learned counsel are distinguishable on the facts. In the result, we allow these petitions and direct the Tribunal to refer the following question of law to this court for its opinion along with the statement of case : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in deleting the addition of Rs. 25,000 made in the hands of the assessee r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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