1996 (3) TMI 51

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..... referred the following two common questions for the assessment years 1974-75, 1975-76 and 1977-78, for the opinion of this court, under section 256(1) of the Income-tax Act, 1961 : " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the share income arising to the minor sons by virtue of their admission to the partnership fi .....

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..... sessee under section 64(1)(iii) of the Income-tax Act, 1961, for the assessment years 1974-75, 1975-76 and 1977-78. In so far as the first question relating to the assessment years 1974-75 and 1975-76 is concerned, the point arises before the amendment to section 64 by the Taxation Laws (Amendment) Act, 1975, with effect from April 1, 1976. In CIT v. Shri Om Prakash [1996] 217 ITR 785, the Supreme .....

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..... d against the Department. In so far as the assessment year 1977-78 is concerned, the question referred to us is answered in the negative and in favour of the Department. In so far as question No. 2 is concerned, it relates to the application of the provisions of section 64(1) of the Income-tax Act, 1961. The Tribunal's finding that the provisions of section 64(1) cannot be invoked to include t .....

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