1995 (8) TMI 41

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.... law under section 256(1) of the Income-tax Act, 1961, for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the gift of Rs. 50,000 (fifty thousand) made by means of a bank draft purchased on March 8, 1975, was not covered by the provisions of section 64 of the Act ? " In brief, the facts giving rise to t....

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....s as to whether any interest accrued on money gifted by an assessee to his spouse prior to the marriage is covered by section 64 of the Income-tax Act. Sub-section (1) and clause (ii) of sub-section (1) of section 64 of the Income-tax Act run as under : " (1) In computing the total income of any individual, there shall be included all such income as arises directly or indirectly-- . . (ii....