CWT Vs. JITENDRA KUMAR

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Allahabad, has referred the following question of law under section 27(1) of the Wealth Tax Act, 1957 (hereinafter refer -red to as 'the Act') for opinion to this Court: 'Whether on the facts and circumstances of the case, the Tribunal was justified in holding that the capital standing to the credit of Jitendra Kumar in M/s. Ratan Cold Storage along with the share of Jitendra Kumar in the appreciation of the value of the assets of M/s. Ratan Cold Storage is not assessable in the hands of the assessee in the status of HUF?'

(2.) THE reference relates to the assessment years 1982 -83 to 1985 -86.

(3.) THE facts of the present case are similar to that of ITR No. 209 of 1988, ITR No. 62 of 1988 and WTR No. 70 of 1980 decided on 6 -1 -2005. This court has held that the share of profit in the firm and its accretion was an individual income of the respondent Jitendra Kumar and not assessable to the HUF.