COMMISSIONER OF WEALTH TAX Vs. SUNEHARI LAL GARG

JUDGEMENT

(1.) DESPITE sufficient service, the assessee has failed to appear and, therefore, we have heard only learned standing counsel for the Revenue.

(2.) AT the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following questions relating to the following consecutive assessment years 1972-73 to 1975-76 for the opinion of this court :

(3.) THE question is squarely covered by the decisions in the cases of : (1) G.A. Parashuram v. CWT, 1988 171 ITR 41 and (2) CWT v. H.H. Bhawanisingh, [1990] 181 ITR 458 (MP). In the case of G.A. Parashuram [1988] 171 ITR 41, the Andhra Pradesh High Court clearly held that once the amount was chargeable to gift-tax during the period from March 31, 1964, to April 1, 1972, then the said amount will not be included in the net wealth for all time to come. A similar view was taken by the Madhya Pradesh High Court in the case of H.H. Bhawanisingh, [1990] 181 ITR 458, We are in respectful agreement with the view taken by the Andhra Pradesh and the Madhya Pradesh High Courts.