HIRDAY NARAIN L Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE assessee is a Hindu undivided family, Hirday Narain being the karta.

(2.) THE assessee applied for a reference to this court and suggested that the following four questions should be referred :

(3.) WE are, therefore, of the view that the gift by Hirday Narain in favour of Satyandra Prakash being a valid transaction, the share of Satyendra Prakash in the firms income could not be included in the assessment of the Hindu undivided family, of which Hirday Narain was the karta. WE, therefore, answer the question in the negative.