1980 (1) TMI 116

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..... terest payable or paid on the deposits of Rs. 10,000 each in the name of Anupama Sanwalka and Meenu Sanwalka. 2. Necessary facts are that Brij Bhushan Sanwalka, who has been assessed in the status of HUF, gifted a sum of Rs. 10,000 on 3rd April, 1972 to his daughter Anupama Sanwalka and another sum of Rs. 10,000 on 3rd April, 1973 to his other daughter Meenu Sanwalka. The amounts gifted remaine .....

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..... We dismissed the appeal and would like to reproduce paras 4 and 5 of the Tribunal's order, as follows: "4. For the Revenue, Shri C.S. Jain was present and for the respondent Shri Subhash Khanna advocate, appeared. Shri Khanna submitted that only movable assets of the respondent as per the Wealth-tax assessment amounted to Rs. 4,80,108 and, therefore, the gift of Rs. 10,000 by the respondent to .....

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..... s the decision reached by him is a correct one." Shri R.S. Khichi, appearing for the Revenue accepted that the facts are similar as in the asst yr. 1973-74. 5. Therefore, for the reasons which prompted us to dismiss the Revenue's appeal in ITA No. 1079 supra' we hold that the interest payments of Rs. 1,717 and Rs. 1,479 to Anupama Sanwalka and Meenu Sanwalka in respect of their deposits the .....

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