COMMISSIONER OF WEALTH TAX VS. SHRI J. K. SRIVASTAVA

PRAKASH KRISHNA, J.

( 1 ) THESE are three Wealth Tax References under Section 27 of the Wealth Tax Act (here-in-after referred to as the Act ). The following identical question of law has been referred by the Income tax Appellate Tribunal on the direction of this Court for various assessment years for opinion of this Court:

"whether in the facts and circumstances of the case the Appellate Tribunal was in error in holding that the assessee was not liable to Wealth Tax on the value of interest in the association of persons?"

( 2 ) IN W. T. R. No. 193 of 1985 the assessment years 1969-70 to 1976-77 are involved The assessment year 1967-68 is involved in WTR No. 194 of 1985. The assessment years 1974-75 and 1975-76 are involved in WTR No. 2 of 1986:

( 3 ) SINCE common question of law is involved in respect for different assessment years, all these matters were heard together and are being disposed of by a common judgment.

( 4 ) THE facts giving rise to the present references are that the respondent. J. K. Srivastava, herein after referred as assessee was assessed as an individual during assessment years in question. Sri j. P. Srivastava

Click Here to Read the rest of this document