9911796707
TMI Blog1979 (1) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... ther with its accretions for each of the two years ? " The assessee, Shri Manilal C. Desai of Indore, is an individual and the assessment years involved are 1962-63 and 1963-64. The assessee had share in the firm, Manilal C. Desai and Sons. In the books of the firm there are also accounts in the names of the assessee's wife and his mother. The mother of the assessee died on or about 27th May, 1956, and after her death a sum of Rs. 52,466 standing to her credit was transferred to the account of the assessee's wife. On June 27, 1958, two credits of Rs. 25,000 each were made to the assessee's two grandsons, Prateshkumar and Lalithkumar, and these gifts by the wife were incorporated in writing in a gift deed dated June 27, 1958, where the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 73,000 for the years under appeal. The Appellate Tribunal in regard to the question of gift made by the wife in favour of her two grandsons held that the assessee had signed as one of the attesting witnesses to the gift deed dated June 27, 1958, though the wife of the assessee was only a benamidar in respect of the amounts standing in her name ; the assessee having authorized her to make a gift, it may be said that the assessee himself had made the gifts. Thus, the amount of Rs. 50,000 would, therefore, be excluded from the net wealth of the assessee along with interest accrued thereon. Aggrieved by this decision, the CWT sought a reference and at his instance the present reference has been made. As regards the same assessee, in respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if such assets have been transferred directly or indirectly by the individual on or after the 1st day of June, 1973. " 4. (1) In computing the net wealth of an individual, there shall be included, as belonging to that individual This case is not reported as it merely follows the decision in 91 ITR 135 (MP). (a) the value of assets which on the valuation date are held-... (v) by the son's wife, or the son's minor child, of such individual, to whom such assets have been transferred by the individual, directly or indirectly on or after the 1st day of June, 1973, otherwise than for adequate consideration ......... This sub-cl. (v) was inserted by the Taxation Laws (Amend.) Act, 1975, and has come into effect from 1st April, 1976. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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