2002 (12) TMI 9

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....at on an application under section 27(3) of the Wealth-tax Act declining to direct the Income-tax Appellate Tribunal (for short, "the Tribunal") to state the case and refer to it the following question of law: "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the Commissioner of Wealth-tax (Appeals) directing the Assessing Officer to exclude the value ....

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.... giving rise to this appeal. The respondent-assessee is a beneficiary of the main trust. The sum (being the share income of the assessee from the partnership firm) was assigned to the trust by the assessee. The same, along with the other income of the trust, was distributed among all the beneficiaries, including the assessee. They, in turn, assigned their respective interests in favour of a body ....

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....7(3) of the Wealth-tax Act were right in rejecting the application of the Revenue. But then the question remains whether the fact that the High Court relied upon the judgment in Sunil J. Kinariwala [1995] 211 ITR 127 (Guj), which was reversed by this court in Civil Appeal No. 1899 of 2002 (CIT v. Sunil J. Kinariwala [2003] 259 ITR 10), dated December 10, 2002, would make any difference to the res....