SIDDHARTH PRATAP CHAND Vs. CWT

JUDGEMENT

(1.) On reference being made under Section 27(3) of the Wealth Tax Act, 1957, Income Tax Appellate Tribunal has referred the following questions of law:-

(2.) These references pertain to assessment years 1987-88 to 1992- 93.

(3.) Late Pratap Chand, Siddhartha Pratap Chand and Vasavi Pratap Chand were 1/3rd co-owners each of property number 6, Aurangzeb Road admeasuring 2.85 acres. On 2nd May, 1984, they entered into a collaboration agreement with Ansal Properties & Industries Private Limited for construction of residential flats in the said property.