KAILASH CHANDRA MOHANTY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") on the following question of law :

(2.) THE assessee is a Hindu undivided family having the father as karta. His two sons aged about 26 and 22 are the other members of the joint family. Two plots of land were purchased which stand in the names of the two sons jointly for a consideration of Rs. 53,500 during the assessment year. THE Income-tax Officer was of the view that the consideration amount comes from joint family funds and source of income of the said amount is undisclosed. This is accepted by both the appellate authorities.