1993 (9) TMI 47 - HC - Wealth-tax

Summary

The High Court of Rajasthan held that the Income-tax Appellate Tribunal was justified in ruling against including Rs. 60,000 in the net wealth of the assessee Hindu undivided family. The Tribunal found that the funds transferred to the daughters' accounts were not under the control of the family. The Court ruled in favor of the assessee, stating that the partial partition was recognized, and there was no evidence to dispute the transfer to the daughters. The reference was answered in favor of the assessee with no costs.