Law:

Section:

Section 256, read with section 69, of the Income-tax Act, 1961 - Reference - Question of fact/law - Assessment years 1967-68, 1969-70 and - 1971-72 - On search, certain deposits standing in names of assessee's wife and children were found - Whether any question of law arose from Tribunal's order holding that except for some deposits standing in names of assessee's wife and one son, other deposits belonged to assessee - Held, no - Whether alternative contention raised by assessee that even if amounts belonged to him, they were not liable to be assessed in entirety in respective years in which they had been brought to assessment raised a question of law - Held, yes FACTS The ITO searched the assessee's premises and having found that there were deposits standing in the names of his wife and children during the accounting years relevant to the assessment years 1967-68, 1969-70 and 1971-72 aggregating to Rs. 5,50,000, reopened the assessments of the assessee for the said years, and assessed the said amounts under section 69 in the hands of the assessee. On appeal, the Commissioner (Appeals) as well as the Tribunal upheld the order of the ITO. The Tribunal also rejected the assessee's reference application under section 256(1). On an application for reference under section 256(2) : HELD The question whether the investments in the names of the various children belonged to the assessee or to the children in whose names the fixed deposits stood was a question of fact There had been a thorough examination of the evidence and the materials by the three authorities and they had concurred in holding that these investments really belonged to the assessee and not to the children. Hence, no question of law arose for consideration by the High Court on this aspect of the matter. So far as the assessee's alternative contention was concerned, that even if the amounts in deposit belonged to him they were not liable to be assessed in entirety in the respective years in which they had been brought to assessment, this matter required examination, particularly in the light of the fact that the fixed deposits in question appeared to be renewals of earlier deposits as stated in the…

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