Law:

Section:

Section 4 of the Income-tax Act, 1961 [Corresponding to section 3 of the Indian Income-tax Act, 1922] - Income - Chargeable as - Assessment years 1957-58 to 1959-60 - Under a gift deed assessee got business interest and properties of his father - Gift deed did not state that donee would take property as head of family unit - There was nothing in document to suggest that interest transferred to assessee was limited in any way - For many years assessee had been filing return in his individual capacity - Whether, on facts, assessee could be assessed as HUF - Held, no Section 3 of Wealth-tax Act, 1957 - Charge of tax - Assessment years 1957-58 to 1959-60 - Whether on facts stated under head 'Income - Chargeable as' under Income-tax Act, assessee could be assessed as HUF for wealth-tax purposes - Held, no Section 3 of the Gift-tax Act, 1958 - Charge of tax - Assessment years 1957-58 to 1959-60 - Assessee got business interests and properties of his father under a gift deed - Gift deed did not state that it was given to assessee as head of family unit nor there was anything to show that interest transferred to assessee was restricted in any way - Assessee transferred certain amounts to his sons and claimed it to be by way of partial partition and not gift - For many years assessee had been filing return in his individual capacity - Whether, on facts, it could be said that property was not HUF property and, as such, amount transferred was gift - Held, yes FACTS 'M.C.' had business interest and other properties both in Ceylon and India. He had four sons, 'N', 'R', 'P' and 'L'. By two deeds, both executed on April 26, 1932, 'M.C.' conveyed by way of gift all his business interests and properties in Ceylon to his first three sons. The fourth son who was a minor at the time was given cash and properties in India equal to one-fourth of the value of his father's entire assets. For some time following the execution of the deeds of gift, 'N', 'R' and 'P' carried on the business in Ceylon in partnership. 'M.C.' died in May, 1932. On 20-12-1950, a deed was executed by the four brothers partitioning the residue of their father's properties. Till the assessment year 1957-58, 'P'…

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