COMMISSIONER OF WEALTH TAX Vs. PRINCESS USHA TRUST

JUDGEMENT

(1.) THE Revenue has filed this application under Section 27(3) of the Wealth-tax Act, 1957, for calling for a statement of the case from the Income-tax Appellate Tribunal, Indore.

(2.) THE facts of the case, in brief, are that the Wealth-tax Officer assessed the non-applicant trust on the net wealth of Rs. 2,49,59,146 for the assessment year 1982-83. THE assessee is a private trust created on April 10, 1950. THE assessee filed returns declaring its net wealth on the ground that in the year 1973, the beneficiaries under the trust had transferred their beneficial interest in favour of another trust. However, the Wealth-tax Officer assessed the trust as above for the assessment years 1981-82 and 1982-83. THE Commissioner of Income-tax (Appeals), following the judgment of the Madhya Pradesh High Court in Princess Usha Trust v. CIT [1983] 144 1TR 808, which decision was given in respect of the assessee's case, held that, on the valuation date, the said Princess Usha Trust ceased to exist and accordingly cancelled the assessment. Aggrieved by the aforesaid order of the Commissioner of Wealth-tax (Appeals), the Department filed an appeal before the Income-tax Appellate Tribunal. THE Tribunal, placing reliance on the Madhya Pradesh High Court judgment in Miscellaneous Civil Case No. 75 of 1982, dated March 19, 1983, confirmed the order of the Commissioner of Wealth-tax (Appeals). Hence, this reference application on the following question which has been formulated for reference (at p 153 of 183 ITR) :

(3.) THEREFORE, the application filed by the petitioner is dismissed as being without any merit.