9911796707
TMI Blog1996 (3) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... " This is because out of the original three questions urged for reference, questions Nos. 1 and 3 are dealt with by the earlier order of this court in O. P. Nos. 3012, 3011 and 3010 of 1993, dated October 7, 1994 (T. L. Viswanatha Iyer and Usha JJ.). It is observed that question No. 3 is only ancillary to question No. 2. It is further observed that question No. 1 proceeds on the assumption that there was a dispute with regard to the source of the amount of consideration as flowing from the assessee and as the Tribunal has specifically observed that there is no dispute with regard to the factual position that the money was advanced by the assessee, the said question could not arise for consideration. This leaves for consideration the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel relied on yet another aspect from the judgment of the Tribunal at the second appellate stage. Learned counsel placed reliance on the following observations in support of his contention : " He has also pointed out that the money he has advanced to his wife and minor children for purchase of properties of their own has been repaid later in instalments by them on getting income from the properties. " On the basis of the above observations learned counsel contended that even though the position is undisputed that the consideration has flowed from the assessee, in view of the position that the amounts received from the assessee have been repaid later in instalments by them on getting income from the properties, the transfer would h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further particulars show that as far as the assessee is concerned, the minor son, Ajith, received Rs. 17,000 and the rest of the amount is in the nature of a loan from the Federal Bank in a kuri. As regards the minor daughter, Sunitha, the amount of loan from the assessee is Rs. 4,400 and regarding the minor son, Prijith, the loan amount is Rs. 19,004.52. Even after carefully going through the order of the first appellate authority, neither of the contentions appears to have been raised and therefore considered. The contention taken up before the first appellate authority concentrated only with reference to the contention that the minors and the wife had their own source of income for all these purchases. We have also examined the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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