NISHA RANI AGARWAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE following two questions have been referred under Section 256(2) of the Income Tax Act: 1. Whether on the facts and in the circumstances of the case there was any material before the Tribunal to hold the initiation of proceedings under Section 147(a) in reassessment proceedings as valid?

(2.) WHETHER on the facts and in the circumstances of the case interest on capital and accumulated profits, paid to minors is covered under Section 64(a)(iii) and 64(1)(iii) in the proceedings in response to notice under Section 148 of the I.T. Act, 1961? 2. Apparently, the second question contains a clerical mistake and the words 'Section 64(a)(iii)' need to be omitted.

(3.) ROHIT was admitted to the benefit of partnership in the following firms to the extent of a share indicated against the name of each firm; Name of the Firms Share of Profits1. M/S General Finance Co. 10%2. M/S Sheetalaya 12.5%3. M/S Ram Narain Beni Prasad 1/8th