2011 (1) TMI 140 - HC - Wealth-tax

Whether asset to be assessed in the hands of each of the co-owners separately and not in the hands of A.O.P. - similar questions were referred in Wealth Tax Reference No.134 of 1999 which were answered in affirmative i.e. in favour of the assessee and against the Revenue matter remanded to Tribunal for passing appropriate orders

Summary

The Allahabad High Court addressed Wealth Tax References regarding the assessment of "Aggarwal Market" for the Assessment Years 1986-1987 and 1987-1988. The Court ruled in favor of the assessee, stating that the asset should be assessed in the hands of each co-owner separately, not as an A.O.P. The provisions of Section 3 and Section 4(1) (b) of the W.T. Act were deemed applicable, rather than Section 21-AA. The Court's opinion was sent back to the Tribunal for further action.