Supreme Court · 1987 INSC 30 · Decided 3 February 1987
Commissioner of Income Tax, Kanpur v. DR. R.S. Gupta
- Court
- Supreme Court of India
- Citation
- 1987 INSC 30 · [1987] 2 S.C.R. 121
- Case number
- CIVIL APPEAL No. 1713/1973
- Decided
- 3 February 1987
- Bench
- SABYASACHI MUKHERJI, S. NATARAJAN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
j l ~ COMMISSIONER OF INCOME TAX, KANPUR v. DR. R.S. GUPTA FEBRUARY 3, 1987 [SABYASACHI MUKHARJI AND S. NATARAJAN, 11.] Sections 4, 27(1) and 29-Wealth tax-Gift-Assessee directing firm by a letter to debit his account of certain amounts and credit respec­ tive accounts of his sons and or overdraft facilities with the bank-Effect of. The Income Tax Officer included in the net wealth of the res- pondent-assessee for the assessement year 1957-58, two sums, viz., Rs. 1,50,000 and Rs.67,560/12/- which the assessee claimed to have gifted. It is stated that on January I, 1957 the
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