1982 (10) TMI 6

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....n holding that after the death of Shri Champalal on May 28, 1971, the interest of the bigger HUF of M/s. Chunnilal Champalal, Baghana, Neemuch, devolved by survivorship to the smaller HUF of Shri Kishnalal Motilal, Baghana, Neemuch, without an order being made under s. 20 of the W.T. Act, 1957, for the wealth-tax assessment years 1972-73 to 1977-78 ?" The material facts giving rise to this reference briefly are as follows: The assessee is assessed in the status of an HUF. The assessment years in question are 1972-73 to 1977-78. The HUF consisted of coparceners, Kishanlal and his son, Omprakash. The WTO noticed that for the assessment years in question, value of the property of the HUF known as " Baghana House " was not included in the....

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....Tribunal, therefore, held that after the death of Champalal on May 28, 1971, the assessee-HUF, became the owner of the property in question. In, this view of the matter, the Tribunal reversed the orders passed by the AAC, and restored the orders passed by the WTO. Aggrieved by these orders, the assessee sought a reference and it is at the instance of the assessee that the aforesaid question of law has been referred to this court for its opinion. The learned counsel for the assessee contended that even after the death of Shri Champalal, the bigger HUF continued to exist till such time that partition took place and was recorded by the WTO in accordance with the provisions of s. 20 of the W.T. Act, 1957. The learned counsel contended that t....