1999 (10) TMI 12

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....red the following question for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that the agricultural land in village Kotia Tehsil Bindki, District Fatehpur, belonged to the undivided family of the assessee and not to the assessee in his individual capacity ?" We have heard Shri Prakash Krishna, learned cou....

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....-lending business (Rs. 70,000) cash and ornaments (Rs. 68,680) which were included in the net wealth of the assessee, did not belong to him as an individual and belonged to the Hindu undivided family. By the exclusion of the aforesaid assets, the net wealth of the assessee fell below the taxable limit and, therefore, the learned Commissioner quashed the assessment. This has been upheld by the Trib....