1996 (3) TMI 51

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....stance of the Department, the Tribunal referred the following two common questions for the assessment years 1974-75, 1975-76 and 1977-78, for the opinion of this court, under section 256(1) of the Income-tax Act, 1961 : " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the share income arising to the minor sons by virtue o....

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....ed in the individual assessment of the assessee under section 64(1)(iii) of the Income-tax Act, 1961, for the assessment years 1974-75, 1975-76 and 1977-78. In so far as the first question relating to the assessment years 1974-75 and 1975-76 is concerned, the point arises before the amendment to section 64 by the Taxation Laws (Amendment) Act, 1975, with effect from April 1, 1976. In CIT v. Shri O....

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....5-76, it is answered in the affirmative and against the Department. In so far as the assessment year 1977-78 is concerned, the question referred to us is answered in the negative and in favour of the Department. In so far as question No. 2 is concerned, it relates to the application of the provisions of section 64(1) of the Income-tax Act, 1961. The Tribunal's finding that the provisions of ....