Commissioner of Income Tax vs Chiranjiv Lal

By The Court

At the instance of Revenue. The following questions have been referred for opinion of this Court :

"1. Whether, on the facts and in the circumstances of the case, the declaration made on 4th December, 1966 by the assessed impressing his 1/6th share in the firm of M/s Madan Lal Jagdish Chand with the character of joint family property w.e.f. 12th November, 1966 was valid in law ?

Whether, on the facts and in the circumstances of the case, the Tribunal were correct in holding that impression of a share in a firm with the character of joint family property was valid in law.

Whether, on the facts and in the circumstances of the case, the assessment made by the ITO was not prejudicial to the interest of Revenue and whether the order passed by the CIT was incorrect in law ?"

Following the decision of this Court in IT Ref. Nos. 11-13 of 1982 - CIT vs. Madan Lal Mehra [reported at TC 37R.491, decided on 24th February, 1992, the questions are answered in the affirmative, in favor of assessed and against the Revenue. No costs.