1969 (12) TMI 40

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....1965, the petitioner was called upon by the respondent to submit a return under the Gift-tax Act pointing out that the officer had reason to believe that a gift made by the petitioner was assessable to gift-tax for the assessment year 1962-63. Thereupon the petitioner represented to the respondent that all he had done was to throw into the hotchpot of his family his self-acquired property making a declaration to that effect, that there was no transfer of property within the meaning of the Gift-tax Act and that, therefore, no liability was incurred under the Act. In the absence of acceptance by the revenue of the stand taken by him to gift-tax the petitioner has applied for the issue of a writ of prohibition. The petitioner's contention i....

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....mily a sum of Rs. 1,50,000 and that the said amount constituted the asset of the joint family from April 1, 1961. The declaration states that, of his six sons and five daughters, three daughters had been given away in marriage and two sons are associating with him in business as partners. It is said that these two sons are keeping their earnings to themselves. The material part of the declaration reads: "All the other four sons and two daughters are minors and I hereby declare that myself and my wife and the said four minor sons and two minor daughters to constitute into a Hindu undivided family of which I am the karta. My own self-earnings are invested solely in the partnership business and out of the said investment, I have on the firs....