Law:

Section:

Section 64 of the Income-tax Act, 1961 - Transfer of assets - For benefit of spouse etc. - Whether gifts made out of the HUF funds by karta to his daughters-in-law were valid gifts - Held, yes - Whether gifts made by assessee to his daughters-in-law and sons making gifts to their mother attract provisions of section 64(1) - Held, no - Whether gifts made in above manner were not cross-gifts - Held, yes Note :The case was decided in favour of the assessee. CASE REVIEW CIT v. Daljit Singh[1981] 131 ITR 719 (Punj. & Har.) followed and relied upon. CASES REFERRED TO CIT v. Daljit Singh [1981] 131 ITR 719 (Punj. & Har.). Ajay Kumar Mittal for the Applicant. JUDGMENT S.S. Sodhi, J.-The three questions which have been referred for the opinion of this court are as under: "(1)Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the gifts made out of the Hindu undivided family funds by the karta to his daughters-in-law were valid gifts? (2)Whether, on the facts and in the circumstances of the case, the gifts made by the assessee to his…

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