TMI Blog2002 (12) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... the BOI and assignment of assets was not sham and bogus activity, the question sought to be referred would not arise and, therefore, the Tribunal u/s 27(1) and the HC u/s 27(3) were right in rejecting the application of the Revenue. - - - - - Dated:- 11-12-2002 - Judge(s) : SYED SHAH MOHAMMED QUADRI. and ARIJIT PASAYAT. JUDGMENT Civil Appeal No. 1858 of 2002: This appeal, by the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion of law arises out of it; and (2) relied upon the judgment of the Gujarat High Court in Sunil J. Kinariwala v. CIT [1995] 211 ITR 127. Mr. Ranbir Chandra, learned counsel for the Revenue, contends that as this court has reversed the judgment of the High Court of Gujarat in Sunil J. Kinariwala v. CIT [1995] 211 ITR 127, this appeal has to be allowed. We are afraid, we cannot accede to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the body of individuals and assignment was a sham and bogus transaction. That finding was reversed, on appeal, by the Commissioner (Appeals) and the same was upheld by the Tribunal. Once it is found, as a fact, that the creation of the body of individuals and assignment of assets was not sham and bogus activity, the question sought to be referred would not arise and, therefore, the Tribunal u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he body of individuals and assignment of assets to it was sham and bogus. In our view, the High Court has erroneously relied on that judgment. Be that as it may, we have held above that on the findings recorded both by the Commissioner (Appeals) as well as by the Tribunal, the High Court was right in rejecting the application under section 27(3) of the Wealth-tax Act. We find no merit in the app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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