COMMISSIONER OF INCOME-TAX, WEST BENGAL II vs A. N. CHOWDHURY — 1971 PTD 711

Citation: 1971 PTD 711

Court: Calcutta High Court

Year: 1968

Decision Date: 1968-06-03

Parties: COMMISSIONER OF INCOME-TAX, WEST BENGAL II vs A. N. CHOWDHURY

Headnotes

Case cited as 1971 PTD 711

Judgment Text

Court Name: Calcutta High Court Judge(s): K. L. Roy, Sankar Prasad Mitra Title: COMMISSIONER OF INCOME-TAX, WEST BENGAL II vs A. N. CHOWDHURY Case No.: Income-tax Reference No. 17 of 1966 Date of Judgment:1968-06-03 Reported As: 1971 PTD 711 Result: N/A JUDGMENT JUDGMENT SANKAR PRASAD MITRA, J.-------This is a reference under section 66(1) of the Indian Income-tax Act, 1922. The assess--ment years are 1958-59 and 1959-60, the corresponding previous years being the Bengali years ended on the 13th April 1958 and the 13th April 1959. On April 24, 1957, the respondent executed a deed of trust conveying certain stocks and debentures as well as his interest in landed properties valued in all at Rs. 4,98,000 to his brother, J. N. Chowdhury, who was to hold such properties to trust for the benefit of J. N. Chowdhury's wife and 2 daughters, one married and the other a minor. On the same day J. N. Chowdhury created a similar trust involving assets and properties of the same nature and value as covered by the respondent's trust, appointing the respondent as the trustee for the benefit of the respondent's wife and his major son. Before the Appellate Assistant Commissioner, the respondent contended that the provisions of section 16(3) applied only to the case of transfer of assets by an individual, directly or indirectly, to his wife or minor children. But since in the present case the assets had been transferred to a trust of which the trustee was the assessee's brother and the…

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