COMMISSIONER OF INCOME TAX Vs. MOTILAL RAMSWAROOP

JUDGEMENT

(1.) AS D. B. Civil Income-tax Reference No. 66/66 and D. B. Civil Wealth-tax Reference No. 36/66 arise out of the same facts, they are disposed of by this single judgment.

(2.) WE first take up D. B. Civil Income-tax Reference No. 66/66. The Income-tax Appellate Tribunal, Delhi Bench 'C' (hereinafter called "the Tribunal"), has referred the following question for the opinion of this court under Section 66(1) of the Income-tax Act, 1922 (hereinafter called "the Act"):--

(3.) OUR answer to the question, therefore, is that the amount of rupees four lakhs together with the estimated interest thereon ceased to be an asset of the assessee for wealth-tax purposes whether the gifts were void or voidable and that amount could not be taxed under the Wealth-tax Act.