COMMISSIONER OF INCOME TAX Vs. SHAHAJI CHATRAPATI

JUDGEMENT

(1.) AT the instance of the Revenue, the Tribunal has referred the following questions for the opinion of this Court under s. 256(1) of the IT Act, viz.:

(2.) THE assessee, an individual was former ruler of Kolhapur and was owner of several immovable properties including property known as "Shalini Palace" situated at Kolhapur. THE assessment years relevant for the purpose herein are asst. yrs. 1967-68 to 1969-70.

(3.) FOR the assessment years in question the ITO reopened the assessment and passed a fresh assessment order holding that the gift was a conditional gift and not an absolute and immediate gift and, therefore, the gifted property continued to be that of the assessee, and income from the said property will have to be taxed in the hands of the assessee.