{"id":179187,"date":"1989-08-11T00:00:00","date_gmt":"1989-08-10T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-wealth-tax-vs-g-b-j-seth-and-c-b-j-seth-on-11-august-1989"},"modified":"2014-05-07T15:16:08","modified_gmt":"2014-05-07T09:46:08","slug":"commissioner-of-wealth-tax-vs-g-b-j-seth-and-c-b-j-seth-on-11-august-1989","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-wealth-tax-vs-g-b-j-seth-and-c-b-j-seth-on-11-august-1989","title":{"rendered":"Commissioner Of Wealth-Tax vs G.B.J. Seth And C.B.J. Seth on 11 August, 1989"},"content":{"rendered":"<div class=\"docsource_main\">Madhya Pradesh High Court<\/div>\n<div class=\"doc_title\">Commissioner Of Wealth-Tax vs G.B.J. Seth And C.B.J. Seth on 11 August, 1989<\/div>\n<div class=\"doc_citations\">Equivalent citations: 1990 181 ITR 377 MP<\/div>\n<div class=\"doc_author\">Author: G Sohani<\/div>\n<div class=\"doc_bench\">Bench: G Sohani, R Verma<\/div>\n<\/p>\n<pre><\/pre>\n<p>JUDGMENT<\/p>\n<p> G.G. Sohani, Actg. C.J.<\/p>\n<p> 1. This is an application under Section 27(3) of the Wealth-tax Act, 1957 (hereinafter referred to as &#8220;the Act&#8221;).\n<\/p>\n<p> 2. The material facts giving rise to this application, briefly, are as follows :\n<\/p>\n<p> 3. Shri R.C. Jall died on December 17, 1973, and the respondents are executors of his will. While framing the assessment under the Act for the assessment year in question, the Wealth-tax Officer included the value of certain shares, gifted by the deceased, in the wealth of the assessee by<br \/>\ninvoking the provisions of Section 34B of the Act On appeal, the Commissioner of Income-tax (Appeals) deleted the aforesaid addition holding that the Wealth-tax Officer was not justified in including the value of the gifted shares by invoking the provisions of Section 34B of the Act. The appeal preferred by the Revenue from the order passed by the Commissioner of Income-tax (Appeals) was dismissed. Aggrieved by the order passed by the Tribunal, the Revenue sought reference but as the application submitted by the Revenue in that behalf was rejected, the Revenue has filed this application.\n<\/p>\n<p>4. Having heard learned counsel for the parties, we have come to the conclusion that the following question of law does arise out of the order passed by the Tribunal:\n<\/p>\n<p>  &#8220;Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in affirming the order passed by the Commissioner of Income-tax (Appeals) holding that the Wealth-tax Officer was not justified in including the value of gifted assets by invoking the provisions of Section 34B of the Wealth-tax Act ?&#8221;\n<\/p>\n<p>5. The application is, therefore, allowed. The Tribunal is directed to state the case and to refer the aforesaid question of law to this court for its opinion. In the circumstances of the case, parties shall bear their own costs of this application.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Madhya Pradesh High Court Commissioner Of Wealth-Tax vs G.B.J. Seth And C.B.J. Seth on 11 August, 1989 Equivalent citations: 1990 181 ITR 377 MP Author: G Sohani Bench: G Sohani, R Verma JUDGMENT G.G. Sohani, Actg. C.J. 1. This is an application under Section 27(3) of the Wealth-tax Act, 1957 (hereinafter referred to as &#8220;the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,24],"tags":[],"class_list":["post-179187","post","type-post","status-publish","format-standard","hentry","category-high-court","category-madhya-pradesh-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commissioner Of Wealth-Tax vs G.B.J. Seth And C.B.J. 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