9911796707
TMI Blog1991 (8) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... February 22, 1960. In his books of account maintained for the purpose of his business, the assessee showed the property as an asset. In the balance-sheets copies whereof were given by the assessee in the course of the income-tax assessment proceedings, the property was shown as an asset under the head "Building Account" up to assessment year 1963-64. However, from the year of account relevant to the assessment year 1964-65, the account was styled "Jasumati Ramanlal Building Account". Income derived from the property was disclosed by the assessee in his returns of income for the assessment years up to the assessment year 1967-68. For the assessment years 1968-69 up to 1971-72, the assessee showed the income derived from the property in his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ggrieved by the order of the Appellate Assistant Commissioner, the Revenue went up in appeal. The Income-tax Appellate Tribunal ("the Tribunal" for short), on appreciation of the evidence on record and the past conduct of the assessee showing the income derived from the property as his own income, held that the property belonged to the assessee and that the Income-tax Officer was, therefore, right in including the income derived from the property in the assessee's total income. It is in the background of the above facts that the Tribunal has referred to us for our opinion, the following question under section 256 (1 ) of the Act: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gift of this Rs. 45,000 to his wife, but he did not do so. It is the assessee's case that his wife treated the amount of Rs. 45,000 given by the assessee for the purchase of the property as the loan advanced by him and the assessee credited, in the account styled "Jasumati Ramanlal Account" or "Jasumati Ramanlal Building Account", the amounts alleged to have been paid by his wife. It is submitted that, except for one year, this account has been accepted as genuine. Now the assessee is the best person to know whether he had purchased the property or his wife. If the property was purchased by the wife, the assessee would never have treated it as his asset and disclosed the income derived therefrom as his own. When the assessee disclosed the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this reference. In the result, we answer the question referred to us for our opinion, in the affirmative and against the assessee. Reference answered accordingly with no order as to costs. Before parting with this reference, we may mention that the Tribunal ought to have made separate references for each of the assessment years under reference. In other words, it should have made four references. We, therefore, direct that this common reference should be split up and there will be four separate references. We, therefore, direct that a separate reference will be registered for each assessment year. Reference for the assessment year 1972-73 shall be I. T. R. No. 109 of 1979 while references for the subsequent years shaft be registered an ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
