1992 (9) TMI 12

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....ED SHAH MOHAMMED QUADRI J.--The following questions of law are referred to us for opinion under section 27(1) of the Wealth-tax Act, 1957: " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in holding that an amount of Rs. 4 lakhs being the fair market value of properties transferred by the assessee to his wife, is not includible in his wealth und....

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.... including the value of the house properties belonging to the assessee's wife in the net wealth of the assessee. Accordingly, the sum of Rs. 4,00,000 was ordered to be deleted. In the appeal arising out of the assessment of the wealth for the assessment year 1975-76, the Tribunal by its order dated June 7, 1982, held that the sum of Rs. 1,20,000 given by the assessee to his wife as meher amount, c....

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....time is held to be not a transfer without consideration in Ghiasuddin Babu Khan v. CIT [1985] 153 ITR 707 (AP) [FB], it follows that the property purchased from out of the said amount cannot be included in the assets of the assessee for the purpose of wealth-tax under section 4(1)(a)(i) of the Act. In view of the above discussion, the first question is answered in the negative (sic) i.e., in favou....