COMMISSIONER OF WEALTH TAX Vs. VARSHA GUPTA

JUDGEMENT

(1.) THE petitioner is seeking reference of the following questions :

(2.) THERE was a land situate in Bombay which was owned, initially, by four persons, namely, P.P. Gupta, Anil Gupta, Veena Gupta and Usha Gupta. The case of the assessee is that a partnership was formed on 18th Nov., 1974 w.e.f. 1st Nov., 1974. In this partnership some partners were admitted to the benefits of the partnership and six more partners were also inducted. Thereafter some disputes are stated to have arisen amongst the parties. The disputes were referred to arbitration and an arbitration award was made whereby it was held that each of the partners and the persons admitted to the benefits of the partnership were entitled to 1/19th share each in the said land. This award was made the rule of the Court by judgment of the Bombay High Court dt. 5th April, 1978.

(3.) WITH regard to the assessment under the WT Act the question has arisen at different points of time and has been dealt with differently. It, however, appears that in respect of P.P. Gupta in respect of the asst. yrs. 1977-78 and 1978-79 the CWT held that he has 1/19th share. No appeal was filed by the Department. For the asst. yr. 1979-80 it is the WTO himself who came to the same conclusion and this has become final. The assessment for the asst. yr. 1975-76 is, however, subject to application under S. 27(3) before us.