1989 (8) TMI 57

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..... 7 (hereinafter referred to as "the Act"). The material facts giving rise to this application, briefly, are as follows Shri R. C. Jall died on December 17, 1973, and the respondents are executors of his will. While framing the assessment under the Act for the assessment year in questions the Wealth-tax Officer included the value of certain shares, gifted by the deceased, in the wealth of the as .....

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..... in the circumstances of the case, the Tribunal was justified in law in affirming the order passed by the Commissioner of Income-tax (Appeals) holding that the Wealth-tax Officer was not justified in including the value of gifted assets by invoking the provisions of section 34B of the Wealth-tax Act ?" The application is, therefore, allowed. The Tribunal is directed to state the case and to refer .....

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