COMMISSIONER OF WEALTH TAX Vs. PRINCESS USHA TRUST

JUDGEMENT

(1.) THIS is an application by the Department under Section 27(3) of the Wealth-tax Act, 1957 (for short, "the Act"), for calling for a statement of case from the Income-tax Appellate Tribunal, Indore.

(2.) FACTS giving rise to this application seeking a reference, shortly stated, are as follows : The assessment year involved in this case is 1981-82. The Wealth-tax Officer assessed the trust on wealth of Rs. 2,49,59,146 for the assessment year 1981-82 and at Rs. 2,98,39,575 for the assessment year 1982-83. The assessee-trust, which was a private trust, was 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. The Wealth-tax Officer assessed the trust on its net wealth for the assessment years 1981-82 and 1982-83. The Commissioner of Income-tax (Appeals), following the judgment of this court in Princess Usha Trust v. CIT [1983] 144 ITR 808, held that, on the valuation date, the trust ceased to exist and accordingly cancelled the assessments. Aggrieved by this order, the Department filed an appeal before the Income-tax Appellate Tribunal. The Tribunal rejected the Department's contention that the matter had been carried to the Supreme Court and was pending decision. It was submitted that a special leave petition was pending.

(3.) THE Tribunal held that no referable question of law arises, since the question has already been answered by this court in Miscellaneous Civil Case No. 75 of 1982, by its order dated March 19, 1983 (Princess Usha Trust v. CIT [ 1983] 144 ITR 808).