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TMI Blog1992 (9) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 27(1) of the Wealth-tax Act, 1957: " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in holding that an amount of Rs. 4 lakhs being the fair market value of properties transferred by the assessee to his wife, is not includible in his wealth under section 4(1)(a) of the Wealth-tax Act, 1957? 2. If the answer to the above question is in the af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. Accordingly, the sum of Rs. 4,00,000 was ordered to be deleted. In the appeal arising out of the assessment of the wealth for the assessment year 1975-76, the Tribunal by its order dated June 7, 1982, held that the sum of Rs. 1,20,000 given by the assessee to his wife as meher amount, cannot be considered as transfer without consideration to his wife. In view of that order, the appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 (AP) [FB], it follows that the property purchased from out of the said amount cannot be included in the assets of the assessee for the purpose of wealth-tax under section 4(1)(a)(i) of the Act. In view of the above discussion, the first question is answered in the negative (sic) i.e., in favour of the assessee and against the Revenue. In so far as the second question is concerned, it may be o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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