1991 (3) TMI 80 - HC - Wealth-tax

Summary

The High Court of Bombay delivered a judgment regarding direct assessment on beneficiaries under section 21(2) of the Wealth-tax Act, 1957. Questions 1-4 related to direct assessment, while questions 7-11 pertained to the valuation of the assessee's share in jointly owned property. The court held that direct assessment on beneficiaries is allowed under section 21(2) and directed the Tribunal to reframe the valuation question for further examination. The Tribunal was instructed to refer the question of law to the court within six months. No costs were awarded.