1978 (1) TMI 84

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....the total cost of which came to Rs. 1.64 lakhs. The land being in the wife's name, the Syndicate Bank entered into a contract with the wife; the substance of the contract was that Rs. 70,000 would be advanced by them to her for constructing the building and they would be the tenant. This Rs. 70,000 was utilised in the construction and is part of the cost of Rs. 1,64 lakhs. The ostensible owner of ....

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....ld that he had taken a loan from the bank. The debtor-creditor relationship is only between the assessee's wife and the bank. As far as the assessee is concerned, the proximate source for Rs. 70,000 is his wife. So it would appear that either (1) the assessee had borrowed Rs. 70,000 from his wife or (2) that he and his wife jointly own the property, their interest being proportionate to the funds ....