COMMISSIONER OF INCOME TAX Vs. KASHIRAM RAMGOPAL

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal referred the following question under section 256(2) of the Income Tax Act, 1961 :

(2.) THE competent authority has sought for an opinion of this court on the above leading question.

(3.) AT the outset, a question was asked by the court to learned counsel for the revenue with a view to answer the question, whether the landed property referred to in the course of the question, said to have been contributed by way of capital contribution by the partner of Kashiram Ramgopal with any documentary evidence, evidencing the transfer of any right in the landed property was made and executed by the concerned person. Learned counsel for the revenue frankly admitted that there was no document evidencing the transfer of the landed property in question in favour of the partnership firm. Section 17 of the Registration Act, 1908 (hereinafter referred to as the Act), lays down as follows :