COMMISSIONER OF INCOME TAX/COMMISSIONER OF WEALTH TAX/COMMISSIONER OF GIFT TAX Vs. S M M MUTHAPPA CHETTIAR

JUDGEMENT

(1.) THE batch of tax cases, all preferred by the Revenue and against the same assessee, which is a Hindu undivided family, mainly turn on a short point and that is why they were all heard together Before adverting to the said short point, we may mention that one of them relates to gift-tax assessment, some of them relate to income-tax assessment and some others relate to wealth-tax assessment.

(2.) THUS, all of them could be tabulated as follows, showing also the relevant assessment years, in relation to which the tax cases have arisenGift-tax Income-tax Wealth-taxT. C. No. Assessment T. C. No. Assessment T. C. No. Assessmentyear year year1557 of 1986 1973-74 1468 of 1982 1973-74 1885 of 1984 1975-761469 of 1982 1974-75 873 of 1985 1973-741470 of 1982 1975-76 874 of 1985 1974-751471 of 1982 1976-77 875 of 1985 1976-77314 of 1983 1977-78 1802 of 1986 1977-78671 of 1985 1980-81 1803 of 1986 1978-79849 of 1987 1979-80The following necessary facts have also to be stated before actually adverting to the abovesaid short point : The accounting year in relation to each assessment year is the year ended on April 12. On April 1, 1973, the karta of the assessee-Hindu undivided family made a written declaration of partial partition before the notary.

(3.) THE respondent in the Supreme Court case maintained an account with a private company and on January 1, 1957, when the account showed a sum of Rs. 1, 50, 740 to his credit, the respondent addressed a letter to the company stating that he had decided to make gifts to four donees, his two sons and two grandsons, aggregating to Rs. 1, 50, 000 and directed the company to debit his account to that extent and credit the amounts of the gifts to the respective donees.