BIRADHMAL LODHA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This is a miscellaneous income tax case in which an assessee made an application to this Court under Section 66 (3), Income-tax Act, and this Court framed five questions provisionally on the facts as stated by the assessee and required the Income Tax Commissioner to state a case. The Income Tax Commissioner has stated a case and the case has now been argued before this Court by learned Counsel on each side. The first two questions which were framed by this Court provisionally were as follows:

(2.) In, regard to the second question the Income Tax Commissioner states that, the assessees are not precluded from advancing a claim, and therefore there is no contest on this point, and we accept that view. On the first question the facts as stated are as follows:

(3.) On 20th October, 1922, 315 shares were transferred to the names of various members of the joint family as follows: