1989 (9) TMI 12

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.... J. -The only question which the Revenue wants us to direct the Tribunal to refer under section 256(2) of the Income-tax Act, 1961 ("the 1961 Act") is: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the assessee is not liable to wealth-tax after the introduction of section 21AA in the Wealthtax Act, 1957 ?" The assessment ye....

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....coverable from an individual who is a citizen of India and resident in India for the purposes of this Act ......" The club is registered under the Societies Registration Act, 1860. We shall assume, for the sake of argument, that a club is an association of persons within the meaning of section 21AA(1). The further question, however, is whether it can be said that "the individual shares of th....

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....ot be paid to or distributed among the members of the society or any of them, but shall be given to some other society. In this view of the matter, it is difficult to say that member of a club has a share either in the income or assets of the club. We may also refer in this behalf to the decision of this court in Deccan Wine and General Stores v. CIT [1977] 106 ITR 111, where this court set out....