2000 (11) TMI 86

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.....--Two questions have been referred to us, the second of which is returned unanswered, as the facts required for answering the same are not set out in the order of reference, nor are the relevant facts brought out in the order of the Tribunal or the authorities below. The question requiring our answer which concerns the assessment year 1977-78 under the Wealth-tax Act is as to whether the Tribu....

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....the credit balance in his favour got reduced by that amount and by the transfer of that sum to the account of the donee, the donee's liability to the firm to that extent got extinguished. Had the donor drawn the sum of Rs. 1,00,000 from the firm and paid it over in cash to the donee, and the donee thereafter paid that sum of Rs. 1,00,000 to the firm, the result would have been the same. The fact t....