Kolkata Court August 1988 Judgments

Commissioner of Income-tax Vs. Mansukhrai More.

Court: Kolkata

Reported in: (1988)75CTR(Cal)101,[1988]174ITR703(Cal)

AJIT K. SENGUPTA J. - In this reference under section 256(2) of the Income-tax Act, 1961, the following question of law has been referred to this court for the assessment year 1962-63 :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the property at No. 159, Chittaranjan Avenue, Calcutta, was transferred by the assessee for adequate consideration and as such the income arising from the said property was not includible in the computation of the total income of the assessee under section 64 of the Income-tax Act, 1961 ?'The facts of this case, shortly, are that the assessee, an individual, was the real owner of the property at No. 159, Chittaranjan Avenue, Calcutta, though it was nominally purchased under a sale deed dated June 10, 1940, in the name of his first wife, Bhagwan Devi, who died on January 2, 1953, leaving three sons and five daughters. After the death of the first wife, the assessee married one Kusumlata, daughter of Srimati...