1987 (1) TMI 2

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....ealth tax Officer rejected the claim of the assessee for deleting the amount of Rs. 2 lakhs as gift. The assessee filed an appeal which was dismissed by the Appellate Assistant Commissioner. In further appeal, the Appellate Tribunal held that there was a valid gift and the amount was liable to be excluded from the wealth of the Hindu undivided family. Thereafter, there was a reference to the High ....

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.... of Rs. 12,852 was credited by way of interest in the account of Tej Prakash. It was further found as the High Court noted that the amount of gift was never utilised by Tej Prakash for any purpose of his own, but was available and was utilised for business of the Hindu undivided family. From these facts, the High Court came to the conclusion that it was clear that the amount of Rs. 2 lakhs which w....

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....tation of the wealth of the Hindu undivided family. The question whether there could be a valid gift by entries in books of account of the Hindu undivided family where there was no sufficient fund belonging to the firm in view of the circumstances of the case in the facts noted by the High Court, arose only incidentally. In that view of the matter, we are of the opinion that the High Court was rig....