1985 (9) TMI 13

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..... in partnership, the assessee and his brother transferred Rs. 40,000 each, aggregating Rs. 80,000, to their widowed mother and their unmarried sisters. The said amount was, however, retained by the partnership. On May 21, 1971, Satya Gopal Singha, the brother of the assessee, retired from the firm, the firm was dissolved and the business of the firm was taken over by the assessee as the sole pro .....

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..... deposit or that the money was really required for business purposes of the assessee or that there was any agreement to pay such interest. On an application by the assessee under section 256(2) of the Incometax Act, 1961, the Tribunal was directed by this court to refer the following questions, as questions of law arising from the order of the Tribunal, for the opinion of this court : " (1) .....

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..... d his brother. Thereafter, following the retirement of the brother of the assessee, the amount continued to remain in deposit in the business of the assessee to the credit of the donees. Even if we accept the case of the Revenue that there was no agreement between the assessee and the donees whereby the said amount was lent to the assessee on interest or that there is no evidence that the asses .....

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