KARTARI Vs. COMMISSIONER OF WEALTH-TAX

JUDGEMENT

(1.) THE matter here pertains to the assessment of wealth-tax for the years 1974-75 and 1975-76.

(2.) ON May 15, 1975, a decree for declaration was passed against the assessee, Smt. Kartari whereby, her sons were held to be owners in possession of 4/5ths share of agricultural land and a house in Mohalla Dabianwala, Amritsar, with effect from April 14, 1952, by virtue of an oral gift made by her in their favour on that day. In the context of this decree, is the assessee, for purposes of computation of the wealth-tax payable by her, to be treated as having been divested of her title in this property with effect from the date of the oral gift or the date of the decree, that is, from April 14, 1952, or May 15, 1975 ? Herein lies the controversy raised.

(3.) THE Wealth-tax Officer included the land and house covered by the civil court decree in the wealth of the assossee for the two assessment years in question, but, on account of this decree, excluded this property for the next assessment year, namely, 1976-77.