1997 (2) TMI 50

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.... the Revenue, the Appellate Tribunal under section 256(1) of the Income-tax Act, 1961, has referred the following common question of law for the assessment years 1976-77 to 1978-79 for the opinion of this court; "Whether, on the facts and in the circumstances of the case, the Tribunal's view that the income from the property known as 'Kannammai Building' is not includible in the assessments of ....

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....cer was justified. The assessee preferred a further appeal before the Appellate Tribunal and the Appellate Tribunal, following the earlier case in the assessee's own case in ITA No. 1673 (MDS)/1976-77 dated September 30, 1977, for assessment year 1973-74, held that there was a valid transfer and the income from the property known as "Kannammai Building" cannot be included in the hands of the asses....

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....rate individual interests without a deed of partition or at any rate a deed of mutual release. Any such instrument, whether it be a regular deed of partition or a release deed, must be duly stamped as contemplated under the Indian Stamp Act, if the value thereof is over Rs. 100." In this case, the firm is a continuing firm and not a dissolved firm and without a registered deed or by any other m....