JUDGMENT :

P.D. Desai, J.

This reference, made at the instance of the assessee under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act" ), relates to the assessment to wealth-tax made on the assessee for the assessment years 1963-64 and 1964-65, in respect of certain properties which devolved upon him under a will and the principal consideration is :

" Whether, on the facts and in the circumstances of the case, the said properties could be said to be assets belonging to the assessee on the relevant valuation dates, namely, December 31, 1962, and December 31, 1963, and, therefore, liable to be taken into account in determining the net wealth of the assessee?"

2. It is necessary to state a few facts in order to appreciate the points raised for our determination and they may be first set out.

3. One Balabhai Damodardas was the grand-father of the assessee. He was possessed of considerable movable properties acquired by his personal skill and labour and held in his individual capacity. Besides, Balabhai had one-half share in the co-parcenary properties belon