1997 (11) TMI 16

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.... J.--At the instance of the Commissioner of Wealth-tax, Madurai, the Income-tax Appellate Tribunal, Madras Bench "D", has stated a case and referred the following question of law for the assessment year 1979-80 under section 27(1) of the Wealth-tax Act, 1957, for our consideration : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holdin....

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.... Therefore, he included the capital of Baby Sitalakshmi Trust in the net wealth of the assessee. The assessee preferred an appeal before the Commissioner of Wealth-tax (Appeals), who held that part of the trust cannot be included as net wealth of the assessee for the reason that the assessee was entitled only to contingent interest. The appeal filed before the Appellate Tribunal has also failed....