9911796707
TMI Blog1983 (3) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 5(1)(ii) of the Wealth-tax Act, 1957 ('the Act'), in respect of his share in the property which he succeeded on the death, of his father and held jointly by the alleged HUF, ignoring the decision of the Supreme Court in the case of CWT v. Bishwanath Chatterjee [1976] 103 ITR 536. 2. The assessee, an individual, claimed deduction under section 5(1)(ii) in respect of a sum of Rs. 1 lakh, re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned joint not only in possession but also in enjoyment and there had been no partition either by severance of interest or status or by metes and bounds. It was claimed that in settlement records also the title of the ancestral properties was clearly discernible. It was, therefore, submitted that the facts of the case would go to show that a HUF existed long since, owning common ancestral propertie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Dayabhaga School of Hindu Law, held on his death by his heirs, are not assessable to wealth-tax jointly in the status of a HUF. He, therefore, wanted us to set aside the order of the AAC and restore that of the WTO. The assessee, who was present in person, strongly supported the order of the AAC. 5. We have heard the submissions of both the parties and considered the facts of the case. There i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of law, become members of a HUF. They remain co-owners with definite ascertained shares and are to be assessed to wealth-tax individually. It has been held by the Supreme Court in the case of Bishwanath Chatterjee, properties of a Hindu male governed by the Dayabhaga School of Hindu Law, held on his death by his heirs, are not assessable to wealth-tax jointly in the status of HUF. Keeping in m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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