1989 (3) TMI 19

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.... question of law under section 27(3) of the Wealth-tax Act, 1957 ("the Act"), to this court : "If there was no Hindu undivided family consisting of the assessee and his wife at the relevant time whether the assessee was liable to be assessed as individual in respect of the value of the 5,000 shares in Hindus than Aluminium Corporation Ltd. ?" The reference relates to the assessment year 1972....

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....acts of the case, as stated by the Tribunal in the statement of case, are as follows : The assessee is an individual. The assessee's father-in-law, as the karta of a Hindu undivided family, gave 3,000 shares of Hindusthan Aluminium Corporation Ltd. valued at Rs. 74,860 by a letter dated March 7, 1972, for the benefit of the assessee's Hindu undivided family, consisting of himself and his wife. ....

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....hat was important to note in this case was that a person could be assessed as a Hindu undivided family only in respect of his ancestral property. The Tribunal found that the assessee and his wife had not received any ancestral property. The gift of the shares was made by the assessee's father-in-law on behalf of his own Hindu undivided family. The Tribunal considered the question as to whether the....

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.... (SC), where it was held that the property of the joint family did not cease to belong to the family merely because the family was represented by a single coparcener, who possessed rights which an owner of the property might possess, and the income received therefrom was taxable as income of the Hindu undivided family. The Tribunal has found that the shares were gifted to the family of the asse....