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Judgment
The following questions have been referred to us for decision u/s 27(1) of the Wealth-tax Act, 1957 (''the Act'') :
Wealth-tax Reference No. 157 of 1976 :
Whether, on the facts and in the circumstances of the case, the claim of the applicant that she had no interest in the corpus of the trust on the relevant valuation date and so it was not includible in her net wealth was rightly rejected ?
Whether, on the facts and in the circumstances of the case, the applicant had any interest in the corpus of the Bhabha Trust on the relevant valuation date ?
Wealth-tax Reference No. 174 of 1976 :
Whether, on the facts and in the circumstances of the case, the claim of the applicant that he had no interest in the corpus of the trust on the relevant valuation date and so it was not includible in his net wealth was rightly rejected ?
Whether, on the facts and in the circumstances of the case, the applicant had any interest in the corpus of the Bhabha Trust on the relevant valuation date ?''
Wealth-tax Reference No. 175 of 1976:
Whether, on the facts and in the circumstances of the case, the claim of the applicant that she had no interest in the corpus of A.B. Dubash Trust (also known as C.H. Bhabha Trust) on the relevant valuation date and so it was not includible in the net wealth, was rightly rejected ?
Whether, on the facts and in the circumstances of the case, the applicant had. any interest in the corpus of A.B. Dubash Trust (also known as C.H. Bhabha Trust) on the relevant valuation date ?
It is agreed between the parties that similar questions were answered in favour of the revenue in B.K. Dubash v. CWT [WT Reference No. 7 of 1971] by a Division Bench [Chandurkar, J. as he then was and Sawant, J. as he then was] of this Court by its judgment dated 26-3-1980. In view thereof both the questions in each reference are answered in the affirmative and in favour of the revenue.
No order as to costs.