P.V. THAKAR Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE questions referred to this Court at the instance of the assessee are as under : (1) Whether the Tribunal is right on facts and in law in holding that the assessee's wife and son are entitled to receive 1/3rd share each from only 75 per cent shares in the profit of the business in the name and style of M/s Mukund and that they have no right to receive any share from the remaining 25 per cent share ? (2) Whether the Tribunal is right on facts and in law in holding that the assessee is entitled to a deduction of only 50 per cent and not 2/3rd of the total income from the business of M/s Mukund -

(2.) AT the instance of Revenue, following questions are referred to this Court : "(1) Whether the Tribunal is right in law and on facts in confirming the order passed by CIT(A) directing the AO to exclude 2/3rd of the profits derived from M/s Mukund as having been accrued in favour of the assessee's wife and minor son, is on account of an overriding title ? (2) Whether the Tribunal is right in law and on facts in holding that the aspects of s. 64 have no application in the instant case -

(3.) THE short facts, which may be relevant for examining the questions are as under :