2006 (7) TMI 186

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....of law has been referred for our opinion: "Whether, on the facts and circumstances of the case, the Tribunal was right in holding that 50,000 shares of M/s. Motor and General Finance Ltd. are not 'invested' in a concern, in which any person referred to in sub-section (3) of section 13 of the Income-tax Act, 1961, has substantial interest as provided in Explanation 3 thereof?" Some of the tru....

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....ate Tribunal. Under the circumstances, the above question of law has been referred for our opinion under section 27(1) of the Wealth-tax Act. It has been brought to our notice that this court in CIT v. Sir Sobha Singh Public Charitable Trust [2001] 250 ITR 475 dealt with a similar issue. In that case, one of the trustees of the assessee (Sir Sobha Singh) donated 1,500 shares in a company and....