COMMISSIONER OF WEALTH TAX Vs. BOWRING INSTITUTE

JUDGEMENT

(1.) UNDER the provisions of the Wealth-tax Act, 1957, the following question has been referred for our consideration :

(2.) THE assessee is an association of members running a club; it is registered under the provisions of the Karnataka Societies Registration Act, 1960; the managing committee, for the time being, holds the assets of the assessee under trust; but the assets are not transferable. THE question is, whether the assessee is an "individual" falling within the scope of section 3 of the Wealth-tax Act ("the Act" for short).

(3.) THE question is not free from difficulty and divergent views are forthcoming amongst various High Courts. Having considered the question deeply, we are of the opinion that the Appellate Tribunal has taken the correct view of the matter.