PRABHASHCHANDRA JHA Vs. COMMISSIONER OF WEALTH-TAX

JUDGEMENT

(1.) THIS is a reference made at the instance of assessee by the Tribunal under Section 256 (1) of the Income-tax Act, 1961 in R. A. No. 97 to 111/ Ind. /87 which arises out of W. T. A. Nos. 129 to 133/ind. /87 to answer the following question of law said to arise out of the aforementioned order of the Appellate Tribunal: Whether the conclusion of the Tribunal that the property inherited as individual was not thrown into the common stock of the family before December 31, 1969, and is taxable as separate property and not as of HUF is against the weight of the evidential material and is, thus, perverse and vitiated and results in levy of tax in violation of Article 265 of the Constitution of India ?

(2.) HEARD Shri Milind Phadke, learned Counsel for the assessee and Shri R. L. Jain, learned senior counsel with Miss V. Mandlik, learned Counsel for the Revenue.

(3.) AT the outset, both learned Counsel for the assessee as also for the Revenue brought to our notice a decision rendered by the Supreme Court of India in the case of CIT v. P. L. Karuppan Chettiar. , [1992 ]197 ITR646 (SC ), 1993 Supp (1 )SCC580. According to learned Counsel, the question referred to this Court fell for consideration before their Lordships of the Supreme Court in the case of P. L. Karuppan Chettiar [1992] 191 ITR 646 and the same was answered in favour of the Revenue and against the assessee.