Judgment

S. K. DAS, J.: These are four appeals on certificates granted by the High Court of Calcutta under S. 66-A (2) of the Indian Income-tax Act, 1922. The appeals are from the decision of the High Court dated February 28, 1961 in Income-tax Reference No. 49 of 1956.

2. We may first state the relevant facts. One P. J. P. Thomas is the appellant before us. He was the assessee before the taxing authorities. He held 750 A shares in J. Thomas & Co., Ltd., of S Mission Row, Calcutta. The assessee entered into an engagement to marry one Mrs. Judith Knight, stated to be a divorcee, and the engagement was announced in certain newspapers on September 3, 1947. On December 10, 1947 the assessee and Mrs. Knight presented to the Company an application to transfer the said 750 A shares to Mrs. Judith Knight. A transfer deed of that date stated :

"I, Philip John Plasket Thomas of, 8, Mission Row, Calcutta, in consideration of my forthcoming marriage with Judith Knight of 35, Ridgeway, Kingsbury, London (hereinafter called the said transferee) do hereby transfer to the said transferee the 750 A shares numbered 1-750 standing in my name in the books of J. Thomas and Co. Ltd., to hold to the sa