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TMI Blog1975 (12) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... he following question has been referred to us : "Whether, on the facts and in the circumstances of the case, capital gains arising out of the sale of Lamington Cinema were liable to be taxed in the hands of the assessees for the assessment year 1960-61 at the maximum rate under the proviso to section 41(1) ?" The short facts necessary for the purpose of disposing of this reference are that one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt, to pay to the widow of Ashok, Rs. 25,000, if he left a widow, and hold the balance or the whole of that part, if Ashok had not left a widow, for the benefit of the children of Ashok absolutely, each male child getting double the share of each female child. It was further provided that if at the date of the period of distribution there was no descendant of Ashok, the trustees were to pay a sum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out in paragraphs 3 and 4 of the statement of the case, but suffice it to say, that the capital gains arising from the sale, of the property were determined at Rs. 3,50,865. The Income-tax Officer allocated the capital gains between the two beneficiaries and did not raise any demand against the trustees as such, taking the view that the shares of the beneficiaries in the income from the trust wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y by their order dated 17th July, 1974, called for a supplemental statement of case from the Tribunal, stating whether at any time during the relevant previous year Ajit and/or Ashok had a child or children. A supplemental statement of case has, accordingly, been sub-mitted to this court stating that Ashok had a male child named Bharat during the relevant-previous year. It is agreed, though the su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubt that, following the decision of this court in Pandit's case [1972] 83 ITR 136 (Bom), the shares of the beneficiaries in the case before us must be held not to be indeterminate or unknown, and the question referred to us must be answered accordingly. S. K. DESAI J.--I agree and have nothing to add. BY THE COURT.--The question referred to us is answered in the negative and in favour of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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