1983 (3) TMI 310

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....ohani,J.-By this reference under s. 256(1) of the IT Act, 1961 (hereinafter referred to as "the Act") the Tribunal. Indore Bench, Indore, has referred the following question of law to this Court for its opinion : "Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the provisions of cls. (iv) and (v) of s. 64(1) of the IT Act, 1961, w....

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....as under : (a) Rs. 10,000 to Smt. Motanbai, wife of Chandanmal. (b) Rs. 5,000 to Shri Rajendrakumar (minor), son of Chandanmal. (c) Rs. 10,000 to Shri Ramanlal (minor), son of Chandanmal. Total Rs. 25,000   In view of these facts, the ITO concluded that there were cross-gifts to the extent of Rs. 17,000 (excluding the gift of Rs. 8,000 by Shri Chandan....

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....hand, while Shri Poonamchand, in turn, gifted equivalent amount to the wife and minor children of Shri Chandanmal within a period of two months. The intention of the donors in these gifts can be nothing but to evade the implications of cls. (iv) and (v) of s. 64(1) of the IT Act " The Tribunal relying on the decision of the Supreme Court in CIT, Bombay City-II vs. Keshavji Morarji and Anr (1967....