1998 (8) TMI 19

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....nue has caused this reference to be made. It concerns the assessment years 1977-78 to 1980-81 and arises under the Wealth-tax Act, 1957, as also under the Income-tax Act, 1961. The questions referred to us are : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding and had valid materials to hold that the funds transferred by the assessee to....

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....e by the assessee to the trust were in the nature of gifts with no power of revocation, and, therefore, the interest income attributable to the contributions made by the assessee to the revocable trust created by her husband for the benefit of his would be son-in-law could not be assessed to tax in her hands in terms of section 61 of the Income-tax Act, 1961. If the income cannot be assessed in....