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A.SATYANARAYANA, K.B.MENON
K. V. IDICULLA – Appellant
Versus
INCOME-TAX OFFICER – Respondent
Per Shri K.B. Menon, Judicial Member - This appeal by the assessee relates to the assessment year 1980-81, for which the previous year ended on 31-3-1980.
2. The assessee is engaged in the business of distribution and sale of ration food-grains. The dispute in the present case relates to the capital gains arising out of the transfer by the assessee to his wife of 47.5 cents of land with a building in Thiruvalla village. The land and the building previously belonged to Shri K.I. Varkey, the father of the assessee, who was also engaged in the same line of business as the assessee. The streedhan amount received at the time of the marriage of the assessee was invested in the business of his father. In the books of account maintained by the father, Shri Varkey, there was a credit balance with regard to the dowry amount in favour of Smt. Sosa Idiculla, the wife of the assessee. The credit balance, which included the interest on the amount, came to Rs. 73,570 as on 31-12-1978. On 23-8-1979, the father, Shri Varkey, executed a registered will by which he bequeathed 45 cents of land along with the building to the assessee. At the same time, he created a charge over the property for the
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