Law:

Section:

Section 22, read with section 256 of the Income-tax Act, 1961 - Income from house property - Chargeable as - Assessment years 1977-78 and 1978-79 - A plot of land was purchased in names of two minor sons of assessee and subsequently, a house was constructed thereon - Tribunal found that assessee was owner of house as entire investments had been made by him and no contribution had been made by grandmother of minor children as claimed by assessee - Accordingly, it treated rental income derived from said house property as income from house property of assessee - Whether findings of Tribunal were findings of facts and no referable question of law arose therefrom - Held, yes Section 256, read with section 64 of the Income-tax Act, 1961 - High Court - Reference to - Assessment years 1977-78 and 1978-79 - Tribunal held that assessee was real owner of house property in question and even if for sake of argument it was accepted that title vested with his minorsons, section 64(1)(v) had application - Whether since no finding was recorded by Tribunal that actual title to property vested in assessee's sons, question as to whether actual title of property vested in assessee's sons was merely academic and did not flow from order of Tribunal - Held, yes FACTS A plot of land was purchased in the names of two minor sons of the assessee and the consideration for the same was stated to have been paid by the grandmother of the said minor children. Subsequently, a building was constructed on said land. During the relevant assessment years, the house fetched certain rental income which was not reflected in the return submitted by the assessee. The Assessing Officer treated the rent as income from house property of the assessee on ground that the assessee was the owner of property as the entire investment had come from the assessee's funds and that there was no contribution whatsoever by the grandmother of the minor children as was claimed. The Commissioner (Appeals) and the Tribunal upheld the orders of the Assessing Officer. The Tribunal also held that, even if assuming for the sake of argument it was held that in law the children were the owners of the property and were liable to…

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