9911796707
TMI Blog1983 (11) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... 98,000 on a trust for the benefit of the members of the HUF of the settlor-the members being the assessee, his wife, son and a daughter, all of whom were major. The trustees were expected to handover the net income of the trust to the Karta of the HUF for the time being for the purpose of maintenance, education and for any other purpose, which the trustees deemed fit of the members of the HUF. Af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee. 3. The assessee is in appeal before the Tribunal on the ground that the AAC was wrong in holding that the provisions of s. 64(1) (vii) of the IT Act applied to the facts of the present case. It was submitted that there was a regular deed of settlement. The property was vested in trustees and the trustees had accepted the property subject to the terms of the settlement deed. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of the execution of the trust deed. Further, the ld. counsel for the assessee has relied on the Gujarat High Court decision in the case of Ratilal Kaushaldas Patel vs. CIT (1964) 55 ITR 517 (Guj). The ld. departmental representative, on the other hand, relied on the orders of the authorities below. 4. We have carefully considered the facts and circumstances of the case and the arguments ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quired. In the instant case, it is not the case of the revenue that there were members in the family other than those specified in the trust deed. Therefore, we have to proceed on the basis that the transfer was for the benefit of the settlor's family. Such a transfer is not affected by the provisions of s. 64(1)(vii) of the IT Act. In our opinion, as explained by the ld. Judges of the Gujarat Hig ..... X X X X Extracts X X X X X X X X Extracts X X X X
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