COMMISSIONER OF INCOME-TAX Vs. K M SHETH

JUDGEMENT

(1.) THE only question to be considered in this reference reads thus. "Whether, on the facts an d in the circumstances of the case, the interest income of Rs. 4,312 on the above shares would be includible in the total income of the assessee-settler on the ground that such income had arisen from assets transferred by the assessee otherwise than for adequate consideration ? "

(2.) COUNSEL are agreed that the issue is covered by the judgment of this court in the assessee's own case in K. M. Sheth v. CIT [1977] 107 ITR 45, and that the question must be answered in the affirmative and in favour of the Revenue. The question is so answered. No order as to costs.