2017 (1) TMI 1366

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....d Sri Manish Misra, learned counsel for appellant and perused the record. 2. This is a wealth tax appeal filed under Section 27(A) of Wealth Tax Act, 1956 (hereinafter referred to as the "Act, 1956") arisen from judgment and order dated 25.06.1999 passed by Income Tax Appellate Tribunal (hereinafter referred to as the "Tribunal") in WTA No. 46/Allahabad/95 for Assessment Year 1991-92. 3. The....

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.... and against Revenue. The judgment in Commissioner of Income Tax Vs. Comilla Mohan (supra), reads as under: "1. The Income-tax Appellate Tribunal, Allahabad Bench, Allahabad, has referred the following two questions of law under Section 256(1) of the Income-tax Act, 1961, for the opinion of this Court: 1. Whether, on the facts and circumstances of the case, the Income-tax Appella....

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....ohan created two trusts known as first son of Vinay Mohan and the first son of Hemant Mohan dated February 18, 1973, and May 22, 1973, respectively, by transferring 60,000 equity shares of Mohan Meakin Ltd. As per the Department's stand, these two trusts were not validly created as the sole beneficiary of each of the two trusts was neither in existence nor identifiable at the time of the creat....

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....e applications having been allowed by the Income-tax Appellate Tribunal in R.A. No. 441/(Alld.) of 1987 dated February 26,1988, the matter is still sub judice before the Allahabad High Court. The Tribunal, however, dismissed the Department's appeals for the assessment years under consideration on the ground that the High Court's decision was not available. 7. We have heard S. Chop....