TMI Blog1993 (12) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... out of its order dated March 25, 1980, under section 27(1) of the Wealth-tax Act, 1957, in respect of the assessment years 1976-77 and 1977-78 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee was not the owner of the ornaments weighing 80 tolas of gold and that she was holding the same for the benefit of her sons and the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed on equally to the children of the three sons. It was thus deposed that 80 tolas of gold ornaments which have been one-third share in the said 240 tolas of gold ornaments was passed on to Smt. Kalyani Sharma after her marriage to Dr. S. K. Sharma. The Wealth-tax Officer found that there was no written will or other evidence that these gold ornaments were ultimately to belong to the wives of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and it remained uncontroverted. The Tribunal found that the assessee was not the owner of the ornaments and was holding them for the benefit of her sons and these were to be given to their wives on the occasion of their marriage. The Revenue has challenged the above order on the ground that the inference which has been drawn by the Tribunal was not in accordance with law. We have considered t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as thus been recorded. The scope under section 27(1) of the Wealth-tax Act is a limited one and not to reappreciate the evidence or conduct an enquiry. In these circumstances, we are of the view that the Income-tax Appellate Tribunal was justified in holding that the assessee was not the owner of the ornaments weighing 80 tolas of gold and that she was holding the same for the benefit of her sons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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