1980 (2) TMI 24 - HC - Wealth-tax

Summary

The High Court of Madhya Pradesh upheld the decision of the Appellate Tribunal, ruling that the status of the assessee for wealth tax computation was that of an individual, not as a Hindu Undivided Family (HUF), despite receiving property through partition as a minor without his own family. The court found that the character of the property is determined by the status of the holder. The reference question was answered in favor of the department, with no costs awarded.