VISWASOM S Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference by the Income-tax Appellate Tribunal, Madras Bench, under section 66(1) of the Indian income-tax Act, 1922. The question referred are :

(2.) THE department has no case that the document does not represent a genuine transaction or that the recitals therein are in any way false or incorrect. THE only contention before us is that the transfer in favour of the three minor sons of the assessee was not a transfer for adequate consideration.

(3.) THE Settlor as owner of the properties scheduled hereunder hereby conveys by way of settlement to the Settlees the properties mentioned fully and described in the Schedule hereunder written.