AI Structured Summary
Not yet generated for this judgment
Judgment
Heard Sri A.N. Mahajan for the department and Sri Rakesh Shanker for the assessee.
This is a Wealth Tax Reference u/s 27(3) of the Wealth Tax Act in which the following questions are sought to be referred to us for our opinion :
"1. Whether on the facts and in the circumstances of the case the Hon''ble Income Tax Appellate Tribunal was legally justified in holding that the asset Agarwal Market is to be assessed in the hands of each of the co-owners separately and not in the hands of assessing officer ?
Whether on the facts and in the circumstances of the case the Hon''ble Income Tax Appellate Tribunal was legally justified in holding that provisions of section 3 and section 4(1)(b) of the Wealth Tax Act are applicable in this case rather than section 21AA ?"
Similar application has been allowed in CWT v. Suresh (WT Appeal No. 67 of 1997) UITC 408.
Hence we direct the Tribunal to state a case and refer the above questions to us for our opinion.
Application is allowed.