CIT Vs. MAGANIAL MOHANLAL PANCHAL

JUDGEMENT

(1.) IN this reference at the instance of the revenue, the following question has been referred for our opinion in respect of the assessment year 1980 -81 :

(2.) THE assessee claimed before the Income Tax Officer that a partial partition had taken place amongst the members of the Hindu undivided family on 3 -3 -1979. It was stated that a sum of Rs. 50,000 standing to the credit of the Hindu undivided family in the bank account had been divided between the coparceners as under :

(3.) WE have heard, Mr. B.B. Naik, the learned counsel for the revenue and Mr. K.H. Kaji, the learned counsel for the respondent -assessee.