COMMISSIONER OF INCOME TAX Vs. HARI SANKAR PAREEK

JUDGEMENT

(1.) THE Tribunal has forwarded the following question of law to this Court under s. 256(1) of the IT Act, 1961 :

(2.) THE assessment year involved is 1979-80 for which the relevant accounting period ended on 31st March, 1979.

(3.) NOTHING has been argued or shown on behalf of Revenue to induce us to take a contrary view. It was held by this Court in the case of Ganga Properties Ltd. (supra) that in Indian law, beneficial ownership was unknown. There was but one owner of a property namely, the legal owner, both in respect of vendor and purchaser, and trustee and cestui que trust.