https://www.taxtmi.com/caselaws?id=6340 The Supreme Court held that under the Dayabhaga school of Hindu law, each coparcener had a distinct share and was the legal owner. As wealth tax is based on ownership, the assessment should be on individual coparceners based on their respective shares. The Court dismissed the appeal, upholding the Tribunal's decision to assess the individual coparceners rather than as a Hindu undivided family, emphasizing that inheritance does not automatically convert an individual into a Hindu undivided family member. en-us Mon, 08 Nov 1971 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6340 The Supreme Court held that under the Dayabhaga school of Hindu law, each coparcener had a distinct share and was the legal owner. As wealth tax is based on ownership, the assessment should be on individual coparceners based on their respective shares. The Court dismissed the appeal, upholding the Tribunal's decision to assess the individual coparceners rather than as a Hindu undivided family, emphasizing that inheritance does not automatically convert an individual into a Hindu undivided family member. Case-Laws Income Tax Mon, 08 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6340