9911796707
TMI Blog1987 (2) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... and order of the High Court on this aspect are set aside. - - - - - Dated:- 3-2-1987 - Judge(s) : S. NATARAJAN., SABYASACHI MUKHERJEE JUDGMENT The judgment of the court was delivered by SABYASACHI MUKHARJI J.-This appeal is directed against the judgment and order of the High Court of Allahabad dated July 15, 1971 (see [1972] 85 ITR 432). The following two questions were referred by the Central Board of Direct Taxes under section 64(1) of the Estate Duty Act, 1953 (hereinafter called " the Act "), to the High Court : " (1) Whether, on the facts and in the circumstances of the case, only half share of the properties included in the estate duty assessment of the deceased should have been included as property passing or deemed to p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de was Rs. 7,745 only. According to the Assistant Controller, there was neither a registered instrument of transfer nor delivery of possession of the property alleged to have been gifted by the deceased and there was no valid and completed gift. The assessee had brought to the notice of the Assistant Controller that the aforesaid gifts were made by book entries and were accepted on behalf of the minors by their respective fathers. These sums were later withdrawn from the books of Messrs. Girdhari Lal Kedar Nath of Tanda and got credited in the books of Bhawani Prasad Girdhari Lal Hatia, Kanpur, where the deceased was not a partner. The latter firm paid interest to the minors on the amount standing in their names. The Assistant Controller fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... signatures underneath the debit and the credit entries in the books of the Tanda firm were appended afterwards so as to create evidence indicating acceptance of the gift. The Board, therefore, came to the conclusion that even if the deceased wanted to make a gift of the money to his grandchildren on May 9, 1952, the gift was incomplete and invalid. The High Court dealt with this aspect by setting out the aforesaid facts and observing that there could be no doubt that the signatures underneath the entries were affixed in order to show that a gift had been made by the deceased to the minors. According to the High Court, however, it did not mean that the signatures were fraudulent. The High Court was of the view that where a sufficient amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
