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TMI Blog1983 (3) TMI 310X X X X Extracts X X X X X X X X Extracts X X X X ..... to as the Act ) the Tribunal. Indore Bench, Indore, has referred the following question of law to this Court for its opinion : Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the provisions of cls. (iv) and (v) of s. 64(1) of the IT Act, 1961, were applicable to the gifts made by Shri Chandanmal and Poonamchand? 2. The material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 25,000 The ITO also found that on 7th Oct., 1978 Shri Poonamchand had made a gift of equal amount that is to say, ₹ 25,000 as under : (a) ₹ 10,000 to Smt. Motanbai, wife of Chandanmal. (b) ₹ 5,000 to Shri Rajendrakumar (minor), son of Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abala and Kumari Madhubala. Aggrieved by these orders, the assessee preferred an appeal before the AAC. The AAC upheld the orders passed by the ITO. On further appeal, the Tribunal held as follows : It is clear from the two sets of transactions of gifts in these cases that Shri Chandanmal gifted certain amounts of money to the wife and minor children of Shri Poonamchand, while Shri Poonamchan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has to be answered in the affirmative and in favour of the Department. The Tribunal has found on the basis of the material on record that the two transfers by Poonamchand and Chandanmal, the two assessees, were so interconnected as would justify the finding that they were parts of the same transaction. It is thus, clear that a circuitous method was adopted by the assessees to evade the implicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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