Law:

Section:

Section 147 of the Income-tax Act, 1961 - Income escaping assessment - Information - Position prior to 1-4-1989 - Assessment years 1962-63 to 1964-65 - Whether jurisdiction and power of assessing officer to reopen assessment already made cannot be questioned, if condition laid down in either of clause (a) or (b) of section 147are satisfied - Held, yes - Whether where ITO initiated proceedings under section 147(a) but AAC converted provision of section 147(a) into 147(b) on ground that conditions laid down in section 147(b) were satisfied, Tribunal was not correct in holding that AAC was wrong in legalizing assessments - Held, yes Section 64, read with section 27 of the Income-tax Act, 1961 - Transfer of assets - For benefit of spouse etc. - Assessment years 1965-66 to 1966-67 - Assessee transferred her house property on 31-3-1956 and also certain shares to her minor sons on 24-8-1960 - Income form house property and income earned on shares by minor were included in income of assessee by ITO for relevant assessment years - Whether since section 27 is deeming provision and over-rides section 64, assessee could not be considered to be owner of property in question prior to assessment year 1962-63 and, therefore, income from said property could not be included in income of assessee - Held, yes - Whether word 'individual' used in section 64(iv) includes a female - Held, yes - Whether there is nothing in section 64(iv) to show that its, provisions are retrospective and, therefore, Tribunal was not right in holding that Income of minors, other than from house property, in respect of transfers prior to 1-4-1961, would be included in assessee's income - Held, yes FACTS The assessee transferred her house property on 31-3-1956 and also transferred a fixed deposit on 29-12-1956. On 24-8-1960 she also transferred certain numbers of shares of a company to her two minor sons. The incomes of these minor sons were not included in the total income of the assessee in her original assessments. The ITO contending that under section 64(iv) income of the minor sons was to be included in the assessee's income started proceedings against the assessee under section 147(a) and he…

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