1983 (2) TMI 110

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....Haryana High Court in the case of CGT v. Tej Nath [1972] 86 ITR 96 (FB), the HUF could not have made the valid gifts. 3. In IT Appeal No. 164 (Asr.) of 1981, which is an offshoot of the above proposition, the grievance of the assessee relates to adding back of interest amount of Rs. 6,520 on the gifted amount of Rs. 49,000 and the reasoning of the learned lower authorities remain the same as in the case of the wealth-tax. 4. Facts briefly stated are that the assessee made five gifts of Rs. 10,000, Rs. 10,000, Rs. 7,000, Rs. 7,000 and Rs. 15,000 in favour of Master Sudhir Gupta, son of Shri Kamal Kishore Gupta, Master Rakesh Kumar, son of Shri Kamal Kishore Gupta, Master Amit Gupta, son of Shri Anesh Gupta and Smt. Neelam Gupta, Miss A....

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....on son (32 years) (30 years) (25 years). " Karta 6. The gifts have been made to the grand-children of the two paternal uncles of Shri Naresh Gupta, the karta, and Shri Ramesh Gupta and Suresh Gupta, the coparceners, while Smt. Janak Rani is related to the paternal uncles since they are her brothers-in-law. 7. Pages 5, 6, 7, 8 and 9 placed as the assessee's paper book on our file are the copies of declarations relating to 5 gifts and for the sake of convenience, one of the declaration is reproduced hereunder : " DECLARATION OF GIFT I, Naresh Kumar Gupta, son of Shri Jugal Kishore Gupta, do hereby state that I am the karta of the Hindu undivided family known as Naresh Kumar Gupta with the following members including myself :....