1985 (7) TMI 5

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....mission. This is an application filed by the applicant, viz., Commissioner of Wealth-tax, under section 27(3) of the Wealth-tax Act, 1957, with a prayer to call upon the Tribunal to send the statement of the case in connection with the following questions of law: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal is justified in deciding that the wealth-tax assessm....

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....e to the assessment year 1972-73. The respondent-assessee filed its return of wealth for the assessment year on June 26, 1971, the accounting period for which ended on Diwali, 1970. The assessee claimed that no assessment can be made in its case. The Wealth-tax Officer, however, completed the assessment on a net wealth of Rs. 4,27,720 on February 22, 1979. Wealth-tax assessments were also ma....

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.... Wealth-tax Officer had exercised the option of making the assessments directly on the beneficiaries and thus he could not make the assessment on the trustees. The trust was created by a deed dated May 28, 1959. It was not noticed by the departmental authorities that the shares of the beneficiaries were not specified in the trust deed. In the income-tax case, the contention of the assessee was ....

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....ssessment was to be made on the trustees, such an assessment being one under section 21(1)cannot mean any difference in tax liability. The Department filed a reference application under section 27(1) of the Wealth-tax Act which was rejected by the Income-tax Appellate Tribunal, Indore Bench, Indore, in relation to the questions of law as proposed above. Hence, this petition. After hearing le....