BHANDARI, J.

1. The following question has been referred to this counter under section 66(1) of the Income-tax Act, namely :

"Whether the gift of a joint family asset worth Rs. 2,40,000 by Shri Raghbir Singh, karta of the family, to his wife, Sardarni Ahalya Bai, not being a transfer for consideration or in pursuance of any ante-nuptial arrangement or in connection with any arrangement to live apart, is valid and effective to divest the family of its title to the said shares without the consent of the other adult coparcener, Shri Raghbir Singhs son, Shri Harindar Singh ?"

2. Sardar Raghbir Singh, assessee, and his only son Sardar Harindar Singh are members of a Hindu undivided family which possesses landed and other property, the value of which runs into several millions.

3. Sardar Raghbir Singhs wife, Sardarni Sujan Kaur, died in the year 1943 and he contracted a marriage with Sardarni Ahalya Bai in or about the year 1945. On the 31st March, 1949, the assessee made a transfer entry in the books of the family debiting the capital account with a sum of Rs. 2,40,000 representing 80 per cent. share capital of 300 shares of the Simbholi Sugar Mills Limited and crediting the acc