1996 (12) TMI 40

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..... the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following questions relating to the following consecutive assessment years 1972-73 to 1975-76 for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the amount of Rs. 43,100 which represented the amount of g .....

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..... l erred in law in not accepting the same ? 3. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in upholding the Appellate Assistant Commissioner's action in deleting an addition of Rs. 43,100 made by the Wealth-tax Officer to the assessee's wealth under section 4(1)(a) of the Wealth-tax Act, 1957 ? " The assessee is an individual. .....

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..... be included in the net wealth of the assessee. The question is squarely covered by the decisions in the cases of : (1) G. A. Parashuram v. CWT [1988] 171 ITR 41 (AP) and (2) CWT v. H. H. Bhawanisingh [1990] 181 ITR 458 (MP). In the case of G. A. Parashuram [1988] 171 ITR 41, the Andhra Pradesh High Court clearly held that once the amount was chargeable to gift-tax during the period from March 3 .....

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