1985 (8) TMI 66

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....ld be sufficient for the purpose of disposal of this application to state that a question relating to the validity of a gift of 25,000 shares of Jiyajeerao Cotton Mills and income by way of dividends in respect thereof, by Raja Baldeodas Birla Santati Kosh, Pilani, to Birla Jankalyan Trust was raised during the assessment proceedings of this assessee, Raja Baldeodas Birla Santati Kosh, relating to the assessment year 1970-71. The matter was decided by the Income-tax Appellate Tribunal by its order dated September 23, 1976. The Tribunal held that the gift of the said shares was void ab initio and that the transfer of the shares in question by the assessee, Santati Kosh, to the Jankalyan Trust was violative of the provisions of section 11 of ....

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....he assessee before us and it was submitted that a decision of their Lordships in Sardar Bahadur S. Indra Singh Trust v. CIT [1971] 82 ITR 561 (SC), was not referred to by either party at the time of arguments before the Appellate Tribunal, but it was referred to by the Tribunal while deciding the rectification application by its order dated March 31, 1978. The Tribunal rejected the application for making a reference on the ground that the Tribunal only rectified certain mistakes in its order dated September 23, 1976, by the subsequent order passed on March 31, 1978, but the ultimate conclusion remained unaltered and that the decision of the Supreme Court relevant to the subject could be referred to by the Tribunal while deciding the rectifi....