Hindu undivided family property treatment upheld where family nucleus and unregistered release deed defeated individual ownership claim.

Property acquired in the names of three brothers was treated as Hindu undivided family property because the major consideration came from the father through an endorsed fixed deposit receipt, showing a family nucleus. The alleged release deed was unregistered and could not divest rights in immovable property, so it did not convert the asset into individual property. Consistent assessment of the assessee in HUF status from 1970-71 onwards further supported that character. On these concurrent factual findings, no substantial question of law arose, and the house property and its sale proceeds were not assessable in the individual hands for wealth-tax purposes.

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Issues: Whether the house property and its sale proceeds were assessable in the individual hands of the assessee or as property of the Hindu undivided family, and whether any substantial question of law arose from the Tribunal's order.

Analysis: The property was purchased in the names of three brothers, but the major consideration came from the father through an endorsed fixed deposit receipt, indicating family nucleus. The alleged release deed was unregistered and, in view of the requirement of compulsory registration for relinquishment of rights in immovable property, could not divest the family's interest. The assessee had also been assessed in the status of a Hindu undivided family in income-tax proceedings from 1970-71 onwards, and that consistent position had attained finality. On these facts, the concurrent findings that the property belonged to the Hindu undivided family were supported by evidence and did not give rise to any substantial question of law.

Conclusion: The house property could not be treated as the individual property of the assessee for wealth-tax purposes, and the appeals failed.

Ratio Decidendi: Where the source of acquisition and the consistent tax treatment of a property establish its character as Hindu undivided family property, an unregistered release deed cannot convert it into individual property, and no substantial question of law arises against concurrent factual findings.

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