9911796707
TMI Blog1986 (12) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... Ardheshir Wadia, the grand father of the appellant, had obtained certain leasehold properties situated at 5 Marine Lines, Bombay, from the Govt. for a term of 99 years from the 21st Nov., 1901 under an Indenture of Lease. The said Jehangir Ardeshir Wadia died intestate at Mysore on or near about 15th June, 1935. Letters of Administration to his property and Credits were granted to his widow, Mrs. Ratanbai by the Bombay High Court on 11th Nov., 1935. By an Indenture of Assignment dt. 25th May, 1936 executed between Mrs. Ratan Bai aforesaid administrator of the estate of late Mr. Jehangir A. Wadia and her son Mr. Ardesher Jehangir Wadia, as settlor of the said estate, they agreed to hold the said property as tenants-in-common, (the share of M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Wadia, the co-settlor, died intestate on 2nd Feb., 1973 leaving behind him the minor appellant as one of his heirs. The Letter of Administrations of his estate remained with the Trustee as provided in the Trust Deed. On 17th Sept., 1973 the Trustee entered into an agreement with M/s Ellora Construction Company to sell the Trust property for Rs. 15,00,000. As minor's interest was involved in the sale, the matter went up to High Court at Bombay in Misc. Petition No. 189 of 1975. By its order dt. 4th March, 1975 the Hon'ble High Court directed that out of the sale proceeds of Rs. 15,00,000 a sum of Rs. 8,00,000 being appellant's 4/13th share therein, subject to his proportionate share of outgoings, expenses, taxes and Estate Duty, shall be e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vehemently urged that not only in the cases of WT assessments of co-beneficiaries of the original Trust but also in appellant's own cases for earlier years, the interest of the minor-beneficiary in the Trust property has been valued at discounted value thereof. The ld. counsel, in this behalf invited our attention to assessee appellant's own assessment for asst. yr. 1976-77 in WTA No. 62/Bom/83 decided by Bombay Bench (D) of this Tribunal on 14th Dec., 1984 and submitted that the issue stands covered by that order and consistency in the views of Tribunal on the same point and under same circumstances must be maintained. 6. On the contrary, Mr. C.K. Vohra, the ld. Sr. departmental representative has seriously objected to appellant's claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntions of the ld. counsel for the parties, but, though we appreciate Mr. Vohra's point of view, we find it difficult to record a departure from the view expressed by the Tribunal in appellant's own case for the asst. yr. 1976-77, on the same point, between the same parties over the same subject-matter and under the same circumstances. At that time too, the Trust Deed was there, the High Court order was there and almost similar objection was raised. After having considered all the pros and cons of the case, the Tribunal expressed thus in para 5 of its order. 8. We have considered the contentions of both the parties as well as the facts on record. We find force in the contentions raised by the assessee. Under similar circumstances, discoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
