1983 (11) TMI 151

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..... st. yrs. 1966-67 to 1974-75. The mistake is said to be in connection with the finding on the accumulated balance and interest thereon in a bank account, standing in the name of the assessee s wife. The credits in the bank account are referable to the rent receivable, according to the Department from a property standing in the name of the assessee s wife. The Department s case was that the real own .....

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..... , it was pointed out that in the year 1971-72, the assessee had stated that the property was gifted to the wife. This statement had been accepted by the Department. For the asst. yrs. 1971-72 onwards, the value of the property was not included in the Wealth-tax assessments. These amounts have been gifted and, therefore, they were not to be included in the Wealth-tax assessment. 4. This submissio .....

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..... ribunal in the IT appeal in ITA No. 280/Jab/79 had held that the assessee is the real owner. As a consequence of this finding, the addition of these amounts paid to the asst. yr. 1970-71 will have to be upheld. However, from the asst. yr. 1971-72, there is a different facts to be considered. This property has now been declared to be a gift to the assessee s wife. This gift has been accepted to be .....

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