https://www.taxtmi.com/caselaws?id=18353 A tribunal's finding that a share transfer by a Hindu undivided family to its karta was a colourable device to reduce tax liability can itself raise a referable question of law when the legal effect of proved facts is in issue. The High Court held that the surrounding circumstances relied on by the Tribunal, including deferred consideration and absence of interest, did not eliminate the legal issue whether the transaction could be ignored under the anti-avoidance principle associated with McDowell. The refusal to state the case was therefore unsustainable, and the Tribunal was directed to refer the formulated question of law. en-us Wed, 22 Nov 1995 00:00:00 +0530 Wed, 30 Sep 2009 13:14:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18353 A tribunal's finding that a share transfer by a Hindu undivided family to its karta was a colourable device to reduce tax liability can itself raise a referable question of law when the legal effect of proved facts is in issue. The High Court held that the surrounding circumstances relied on by the Tribunal, including deferred consideration and absence of interest, did not eliminate the legal issue whether the transaction could be ignored under the anti-avoidance principle associated with McDowell. The refusal to state the case was therefore unsustainable, and the Tribunal was directed to refer the formulated question of law. Case-Laws Income Tax Wed, 22 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18353