1991 (3) TMI 80

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....pointed out that though there are as many as eleven questions raised by the assessee as questions of law, the real questions are only three. According to him, questions Nos. 1 to 4 relate to the direct assessment on the beneficiaries in terms of section 21(2) of the Wealth-tax Act, 1957. Questions Nos. 5 and 6, he stated, have become infructuous in view of the Tribunal's order on the assessee's Mi....

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.... stated that the Wealth-tax Officer having already exercised the option of assessing the trustees direct, it was not open to the Wealth-tax Officer to thereafter make assessments on the beneficiaries. As regards the valuation of the assessee's interest in the immovable property, he pointed out that over the years, this property was let out for a paltry sum of Rs. 315 per month. The tenant was a pr....