1. This is a Reference under S.256 (1) of the Income-tax Act, 1961. The question referred is in these terms:

"Whether, on the facts and in the circumstances of the case and on a true construct-ian of the deed dated 22-3-1963, the Tribunal was right in holding that the deed does not evidence a transfer otherwise than for adequate consideration within the meaning of S.64 (iv) of the Income-tax Act?"

The year of assessment is 1964-65 relating to the accounting period that ended on 31-3-1964. On the 22nd of March, 1963, the assessee executed a document in favour of his minor son. This document is in Malayalam which is Annexure 'A' to the statement of the case. The agreed translation of this document is given in Para.2 of the order of the Tribunal and it reads as follows :

"This deed of gift is executed on twenty second day of March, 1963, in favour of Baby, son of Paily, aged 14 residing at Parumpillil in Elamkulam Kara in Aikkaranad south Village by his father. Paily aged 42, son of Mathew in the above Village. The property mentioned in the schedule below was purchased jointly from Thuruvakkal Kutty as per registered document No. 1588 of 1955 of book No. 1 volume 40 at pages