( 1 ) AT the instance of Revenue following question has been referred for opinion of this Court under Section 256 (1) of the Income-tax Act, 1961 (in short the act ) by the Income-tax Appellate Tribunal, Delhi Bench e (in short the tribunal ):

"whether on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that there was no transfer of the property within the meaning of Section 2 (47) of Income-tax Act, 1961 ?"

( 2 ) FACTUAL position as set out in the statement of case is as follows: Assessee, Smt. Angira Devi is the only daughter of late Shri Raghumal. Her mother was Smt. Bhagwati Devi. Assessee was married to Shri Hans Raj Gupta and had four sons namely, Desh Raj, Shiv Raj, Rajinder Kumar and Mahender Kumar. Raghumal had several immovable and movable properties. By a Will dated 4/09/1926, he bequeathed certain specified amount to several persons named in the Will and appointed his wife and daughter (assessee) and his two nephews as residuary legatees. Several persons were appointed as executors of the Will including one Shri Gopal Das Modi. Raghumal died on 5/09/1926. Dispute started in respect of administration of the estate