Commissioner Of Income Tax v. Khusal Family Trust

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD WEALTH TAX REFERENCE No 114 of 1995 For Approval and Signature: Hon'ble MR.JUSTICE R.K.ABICHANDANI and MR.JUSTICE A.R.DAVE ============================================================ 1. Whether Reporters of Local Papers may be allowed to see the judgements? 2. To be referred to the Reporter or not? 3. Whether Their Lordships wish to see the fair copy of the judgement? 4. Whether this case involves a substantial question of law as to the interpretation of the Constitution of India, 1950 of any Order made thereunder? 5. Whether it is to be circulated to the Civil Judge? -------------------------------------------------------------- COMMISSIONER OF INCOME TAX Versus KHUSAL FAMILY TRUST -------------------------------------------------------------- Appearance: MR MIHIR JOSHI with MR MANISH R BHATT for Petitioner Respondent served -------------------------------------------------------------- CORAM : MR.JUSTICE R.K.ABICHANDANI and �� MR.JUSTICE A.R.DAVE Date of decision: 29/01/98 ORAL JUDGEMENT (Per R.K.Abichandani,J.) �The Income Tax Appellate Tribunal, Ahmedabad has referred for the opinion of this Court the following question under Section 27(1) of the Wealth Tax Act, 1957. "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that in the assessment of the assessee u/s 21(4) of the W.T Act the Wealth Tax was leviable on the aggregate value of life interest and reversionary interest only if such was leviable on the aggregate value of life interest and reversionary interest only if such interest exceeded the taxable limit prescribed in the wealth-tax rate Schedule of the relevant year following the judgement in the case of Haresh Anitha Trust 173 ITR 103?" �A similar question has been answered by us today in Wealth Tax Reference No. 47/93. Since the facts are similar and the question involved almost identical, we do not find it necessary to reproduce the facts of this case. For the reasons given by us in our judgement and order delivered in Wealth Tax Reference No. 47/93 today, we answer the question referred to us in the affirmative in favour of the assessee and against the Revenue. The reference stands disposed of accordingly with no order as to costs. ����---- */Mohandas