9911796707
TMI Blog1991 (4) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... J.---A common question arises in these references at the instance of the Revenue. The question is : " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law and in fact in holding that the assessee-club should be assessed in the status of association of persons and since an association of persons is not an entity chargeable to wealth-tax, the assessee-club is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1983, dated May 20, 1986, where it was held that the club cannot be assessed as an individual since it is only an association of persons which is not an assessable entity for the purpose of wealth-tax. The same view was adopted by the Tribunal for the year 1979-80. It was thereafter at the instance of the Revenue that the question aforesaid was referred to this court for a decision. The question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns an individual before the introduction of section 21AA. In that view, we held that the respondent in that case, Sreemulam Club is an association of persons and not an individual for the purpose of wealth-tax and hence not an assessable entity as an individual. The respondent is a members' club, an association of persons. That is not an assessable entity under the Wealth-tax Act. Learned counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uance of the provisions in the rules in whom the property and assets of the club are vested in trust for the members for the time being and who are given power to invest the funds of the club, sometimes at their own discretion and sometimes according to the directions of the committee. In a non-proprietary club like the respondent, the members for the time being are jointly entitled to all the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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