J P VERMA Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) THIS judgment governs both References Nos. 4 and 5 of 1987.

(2.) THE following two questions have been referred under Section 256 of the Income -tax Act, 1961 :

(3.) THE assessee claimed that the total of items Nos. 1, 2 and 3 above amounting to Rs. 69,020 represented the funds of the Hindu undivided family. His case is that he obtained a succession certificate for Rs. 9,137 in respect of the Post Office Savings Bank Account and F.D.R. for Rs. 14,000 standing in his father's name who died in April, 1961, and received a sum of Rs. 16,000 contributed in equal shares by his four brothers under a family settlement. This amount of Rs. 39,137 was invested from time to time in purchasing the National Savings Certificates mentioned above.