1989 (8) TMI 15

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....ctg. C. J.-By this reference under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in following its earlier decision dated March 25, 1975 and in holding t....

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....amount of gift was invested in certain firms which had admitted the minors to the benefits of the partnership firms. The Wealth-tax Officer, however, found that the partition was a sham and bogus and the wealth standing in the name of Smt. Badamibai was, accordingly, assessed in the hands of the assessee-Hindu undivided family. The Wealth-tax Officer also added the value of the assets gifted by Sm....

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....parties and examined the record produced before us. The family arrangement and partial partition having not been accepted right up to the Tribunal, the funds and income earned thereon in law continue to belong to the Hindu undivided family and, therefore, in our opinion, were rightly assessed as part of the wealth of the assessee-Hindu undivided family. The Wealth-tax Officer and the Appellate Ass....

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....ecision of the Tribunal given in appeals arising under the Income-tax Act was the subject-matter of reference in Miscellaneous Civil Cases Nos. 70 and 137 of 1986 (S. R. Kalani (HUF) v. CIT [1989] 177 ITR 259 (MP)) and Miscellaneous Civil Case No. 434 of 1986 (S. R. Kalani (HUF) v. CIT [1989] 180 ITR 141 (MP)) and it has been held by the court that the Tribunal was right in holding that the assets....