LAWS(MAD)-1995-2-143

GIFT-TAX OFFICER Vs. R SAMBASIVE RAO

Decided On February 28, 1995
Gift-Tax Officer Appellant
V/S
R Sambasive Rao Respondents

JUDGEMENT

(1.) This departmental appeal is directed against the order dated 29-3-1988 of the CIT (Appeals)-VII, Madras, relating to the assessment year 1982-83.

(2.) The material and undisputed facts of the case are that during his life time one Sambasiva Rao was running a business under the name and style of M/s. Krishnaveni Ink Factory. The said concern was run as the proprietary concern of the said Sambasiva Rao till 31-3-1977. At that time his two sons, viz., Subba Rao and Sridhar Rao, were his employees.

(3.) Yet another material fact may be noticed. At all relevant points of time the business under the name and style of M/s. Krishnaveni Ink Factory was carried in a house property situated at 751, Thiruvottiyur High Road, Madras-21. And in a statement of net wealth as on 31-3-1981 the said Sambasiva Rao had disclosed inter alia the said property valuing it at Rs. 3,63,000.