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Assessment of wealth belonging to unseparated coparceners in the assets of the family under the Wealth-tax Act, 1957. Dispute regarding inclusion of wealth in the net wealth of the assessee-Hindu undivided family. Question of law arising from the findings of the Income-tax Appellate Tribunal. Application under section 27(3) of the Act filed by the Commissioner of Wealth-tax. Analysis: The judgment pertains to reference applications related to assessment years 1966-67 to 1972-73 under the Wealth-tax Act, 1957. The Wealth-tax Officer included the wealth of unseparated coparceners in the family assets. The Appellate Assistant Commissioner allowed the appeals filed by the assessee, opining that the inclusion of wealth belonging to certain individuals was not justified. The Income-tax Appellate Tribunal dismissed the appeals and subsequent applications, leading to the Commissioner of Wealth-tax filing reference applications under section 27(3) of the Act. The key question raised was whether the Tribunal was correct in law in excluding the capital of certain individuals and the value of their properties from the net wealth of the assessee-Hindu undivided family. The Tribunal's findings highlighted the individual nature of the properties and capital in question, emphasizing that they were not contributed from the family funds. The Tribunal consistently maintained this stance from the assessment year 1967-68 in the income-tax assessment. The High Court analyzed precedents cited by the Revenue but found them inapplicable to the current case's circumstances. Citing the decision in CIT v. Heeralal Maliram, the court emphasized that findings of fact by the Tribunal regarding the individual ownership of assets within a Hindu undivided family are not subject to direction for stating a case to the High Court. Consequently, the court declined to direct the Tribunal to refer the question of law suggested by the Commissioner of Wealth-tax, ultimately dismissing the reference applications. In conclusion, the court held that no question of law arose from the Tribunal's orders, and the reference applications were dismissed. The judgment underscored the importance of factual findings in determining the ownership and inclusion of assets in the net wealth of a Hindu undivided family under the Wealth-tax Act, 1957.
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