COMMISSIONER OF WEALTH TAX Vs. KRISHAN MOHAN

JUDGEMENT

(1.) In compliance with the directions of this court under section 27(3) of the Wealth-tax Act, 1957, the Income-tax Appellate Tribunal, Delhi Bench 'C', has drawn up a consolidated statement of the case and referred the following question to us for opinion:

(2.) Mr. G. C. Sharma, the learned counsel appearing on behalf of the assessee, on the other hand, contended that there did not exist any asset on the valuation date, the value of which could be computed for purpose of inclusion in the net wealth of the assessee- We are inclined to hold that the contention of Mr. Sharma is correct.

(3.) We have, therefore, to ascertain first the assets, which on the valuation date were held by the unmarried minor daughter and which had earlier been transferred to her by the assessee. The questions, whether they were transferred otherwise than for valuable consideration and of their valuation on the valuation date, would arise only after such assets have been ascertained.