2008 (2) TMI 409

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..... al has been preferred under section 27A of the Wealth-tax Act, 1957 (hereinafter shall be referred to in short as "the Act"). 3. The appeal before the Tribunal was preferred by the assessee against the order of the Commissioner of Wealth-tax (Appeals)-II, Bangalore, dated February 11, 2003. The said appeal having been allowed by the Tribunal, the Revenue is before us challenging the correctness of the said order. 4. Even though learned counsel for the appellants has formulated three questions of law, but after having heard learned counsel for the parties and after perusal of the records, we are of the considered opinion that only the following substantial question of law would arise for consideration of this court: "1. Whether the Tribun .....

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..... solved, but it is pertinent to note that the said firm all through held it as stock-in-trade. Consequently, on its dissolution, the same would continue in the same status, but in the hands of the assessee. Despite these objections, the Assessing Officer proceeded to reject the assessee's contention and brought it to tax by treating it as part of the assessee's wealth. The Assessing Officer further found after verifying the record and the evidence available thereof that the assessee in fact was not carrying on any business in real estate. With regard to the property situated at Coimbatore, the Assessing Officer proceeded to examine the same as it was recorded that the assessee continues to be in occupation of the same. The assessee feeling a .....

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..... e are not able to find out any specific reasoning in this regard even though the Revenue had raised this ground. 7. Even from the orders passed by the Assessing Officer, we are of the opinion that necessary evidence which ought to have been adduced by the assessee with regard to the aforesaid factual aspect of the matter could not be produced even though he was granted time for doing so. In view of this, we are of the considered opinion that the impugned order passed by the Tribunal deserves to be set aside and the matter requires to be remitted to the Assessing Officer so as to record a finding whether the assessee had become the absolute owner of the property on dissolution of the firm of which he was the partner. Consequently, the optio .....

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