COMMISSIONER OF INCOME TAX Vs. ABID A. KALVERT

JUDGEMENT

(1.) THIS is a reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the Revenue for the Assessment Year 1978-79.

(2.) THE following question arising out of its Order dated 18/7/1989 has been referred by the Income Tax Appellate Tribunal for the opinion of this Court:

(3.) AT all times relevant to this application, Section 47(ii) of the Income tax Act 1961 read as under: "47. Nothing contained in Section 45 shall apply to the following transfers:-