9911796707
TMI Blog1989 (3) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... Act"), to this court : "If there was no Hindu undivided family consisting of the assessee and his wife at the relevant time whether the assessee was liable to be assessed as individual in respect of the value of the 5,000 shares in Hindus than Aluminium Corporation Ltd. ?" The reference relates to the assessment year 1972-73, for which the corresponding valuation date is March 31, 1972. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... follows : The assessee is an individual. The assessee's father-in-law, as the karta of a Hindu undivided family, gave 3,000 shares of Hindusthan Aluminium Corporation Ltd. valued at Rs. 74,860 by a letter dated March 7, 1972, for the benefit of the assessee's Hindu undivided family, consisting of himself and his wife. The Income-tax Officer took into consideration these shares in computing the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hindu undivided family only in respect of his ancestral property. The Tribunal found that the assessee and his wife had not received any ancestral property. The gift of the shares was made by the assessee's father-in-law on behalf of his own Hindu undivided family. The Tribunal considered the question as to whether the assessee could be the owner of the shares, which admittedly had been gifted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elong to the family merely because the family was represented by a single coparcener, who possessed rights which an owner of the property might possess, and the income received therefrom was taxable as income of the Hindu undivided family. The Tribunal has found that the shares were gifted to the family of the assessee. If there was no such family, the gift would fail. Whether the gift was made ..... X X X X Extracts X X X X X X X X Extracts X X X X
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