2004 (11) TMI 45

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.... and in the circumstances of the case, the Appellate Tribunal was justified in holding that the net wealth of the assessee-trust was exempt under section 5(1)(i) of the Wealth-tax Act, 1957? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the assessee-trust was not hit by the provisions of section 21A of the Wealth-tax Act, 1957, read with section 13 of the Income-tax Act, 1961?" We have taken the facts from the paperbook of W.T.R. Nos. 41 to 43 of 1988. Initially, in the income-tax case of the assessee it had been held that the trust violated the provisions of section 13(1)(c) read with section 13(3) of the Income-tax Act, 1961. However, the Tribunal had given....

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....bunal allowed the assessee's appeal in view of the order made by the Tribunal for the assessment year 1973-74 and hence these references. It appears that the Assessing Officer under the Wealth-tax Act relied solely on the decision rendered by the Income-tax Officer wherein the Income-tax Officer held that the trust violated the provisions of section 13(1)(c) read with section 13(3) of the Income-tax Act, 1961. The decision on which reliance was placed ultimately was considered by this court in the case of the same assessee titled CIT v. Sir Sobha Singh Public Charitable Trust [2001] 250 ITR 475 wherein one of the questions was as under: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was ....