1994 (7) TMI 19

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tion involved in both these references is common, they are disposed of by this judgment. At the instance of Revenue, the Income-tax Appellate Tribunal has referred the following question of law arising out of its order dated September 1, 1986, in relation to the assessment years 1973-74 to 1979-80 under section 27(1) of the Wealth-tax Act, 1957: " Whether, on the facts and in the circumstanc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ownership did not vest in the firm. The assessments were made in the hands of the assessee on the protective basis and it was observed that, if the High Court decides that the property belongs to Shri N. K. Sanghi, the protective assessment will be modified accordingly. In the income-tax proceedings, it was held that the property of the cinema building is owned by Shri N. K. Sanghi. It was on that....