1996 (4) TMI 40

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....come-tax Appellate Tribunal, Nagpur Bench, Nagpur, has referred the following question of law for the opinion of this court, on an application under section 256(1) of the Income-tax Act, 1961, made by the Revenue, as arising out of order dated October 15, 1987, of the Tribunal in I. T. A. No. 599/Nag of 1984 : " Whether, on the facts and in the circumstances of the case, the Tribunal was right ....

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....ands of the assessee under section 64(1) as amended by the Taxation Laws (Amendment) Act, 1975. The assessee was unsuccessful in the appeal before the Appellate Assistant Commissioner but on appeal having been filed before the Tribunal, the Tribunal held that Explanation, 3 to section 64(1) of the Act did not alter the position of law and allowed the assessee's appeal. The Revenue thereafter filed....

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....ve apart ; (v) subject to the provisions of clause (i) of section 27, in a case not falling under clause (iii) of this sub-section, to a minor child (not being a married daughter) of such individual, from assets transferred directly or indirectly to the minor child by such individual otherwise than for adequate consideration. . . . ; Explanation 3. --- For the purposes of clauses (iv) and (v....

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....e arising out of the business to the spouse in any previous year bearing proportion to the value of the assets so invested as on the first day of the previous year, shall be included in the total income of the individual in that previous year who has transferred the assets to the spouse. The excepted category of assets are those which have been transferred for adequate consideration or in connecti....