DEOKISAN B SARDA Vs. CONTROLLER OF ESTATE DUTY

JUDGEMENT

(1.) THIS reference involves two questions of law. They are :

(2.) THE questions are referred at the instance of the accountable person. The first question involves two gifts of Rs. 50,000 and 1,25,000 by the deceased to his wife, Smt. Rampyaribai, and minor son, Kisanlal, made in the year 1954. The deceased was a partner with eight annas share in the firm of M/s. Bastiram Narayandas Maheshri Sinnar. The amounts were debited to his account and the accounts of his wife, Rampyaribai, and the minor son, Kisanlal, were credited. The minor son was admitted to the benefits of the partnership on October 5, 1956, with three annas share in the profits. Smt. Rampyaribai continued as a creditor in the firm. Kisanlal, the minor son, attained majority on December 20, 1960. The deceased died on December 19, 1963.

(3.) THE second question, it is further agreed, is also covered by this court's decision in the case of CED v. Ratanlal Budhamal Taki : [1983]142ITR151(Bom) and the answer to this question has got to be in the negative and in favour of the accountable person.