9911796707
TMI Blog1992 (2) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances of the case, the Tribunal was justified in coming to the conclusion that the assessee was in fact the owner of the house at Dolmundai, Cuttack, standing in the names of his two minor sons ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the actual title to the house property in question vests in the assessee's sons and income therefrom would still be liable to be added in the hands of the assessee ? " The facts as revealed from the statement of the case drawn up by the Tribunal are as follows : The assessee is an individual and was assessed to tax by the Incometax Officer, Ward 'C', Bhubaneswar, for the assessment years 1977-78 and 1978-79. During the course ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was noticed that from the bank account No. C-14/430 with the State Bank of India, sums of Rs. 4,000, Rs. 2,000 and Rs. 11,300 were withdrawn on May 25, 1972, May 3, 1972, and July 8, 1972, respectively. The sale deed was executed on July 8, 1972, in favour of the two minor sons. The conclusion was that with the money withdrawn from bank, the land was purchased. It was also noticed that a loan obtained from the Life Insurance Corporation of India was spent by the assessee for construction of the house. The stand of the assessee that part of the investment came- out of the funds of the assessee's wife was not accepted. On consideration of the materials on record, the Assessing Officer came to the conclusion that the investments were made by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the house standing in the names of the two minor sons. The factual aspect has been elaborately dealt with by the Assessing Officer as indicated above and, endorsing the conclusions of the Assessing Officer as well as the first appellate authority, the Tribunal has come to hold that the assessee was the owner of the house because the investments had been made by him. The question whether the property standing in the names of the minor sons belongs to them or the assessee is one of fact. We, therefore, decline to answer the question. So far as the second question is concerned, we find that there was no finding recorded by the Tribunal that the actual title to the house property in question vests in the assessee's sons. On the contrary, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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