1989 (9) TMI 84

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....ence under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Jabalpur 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 articles in question were liable to be included in the net wealth of the assessee notwithstanding the creation of....

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.... held that as the properties were transferred to the trust, proceedings of assessment under the Gift-tax Act should have been initiated by the Gift-tax Officer. It was further held that by virtue of the proviso to clause (iv) of section 4(1) (a) of the Act, as the transfer of assets was chargeable to gift-tax, the value of the said assets could not be included in the net wealth of the assessee. Th....

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....that Act, for any assessment year commencing after the 31st day of March, 1964, but before the I St day of April, 1972, the value of such assets or part thereof, as the case may be, shall not be included in computing the net wealth of the individual." The assets in question having been transferred on October 1, 1970, and having been held chargeable to gift-tax under the Gift-tax Act the value o....