1998 (11) TMI 41

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sment of the same D. Krishnamurthy as individual and the assessment year is 1983-84. The Hindu undivided family of the assessee comprises of the said Krishnamurthy, his wife and three minor children and the land belonging to the Hindu undivided family assessee has been leased by Krishnamurthy to put up a residential building thereon, and that building has been assessed as an asset belonging to him as an individual, while the land on which it is constructed has been assessed as an asset of the Hindu undivided family for the purpose of wealth-tax. The Income-tax Officer had sought to value the land and building separately by applying rule 1BB while the assessee invoked section 7(4) of the Wealth-tax Act, as it then stood, as the building was....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ribunal is right in law in valuing the entire property by applying the provisions of section 7(4) of the Wealth-tax Act and thereby fixing the value of the land belonging to Hindu undivided family at Rs. 1,50,000 ?" The facts are not in dispute. The Hindu undivided family as noticed earlier consists of husband, wife and three minor children. The Hindu undivided family owns a plot of urban land and a residential building has been constructed thereon wherein the family lives. The building has been put up by the karta of the Hindu undivided family in his individual capacity. Though the building is owned by him as an individual, the building is used for the residence of all the members of the Hindu undivided family and the valuation of these a....