Supreme Court of India
Commissioner of Wealth Tax, Gujarat v. Lov. S. Kinariwala
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From the headnote
Wealth Tax Act, 1957: s.27 (I) and 27(3)-Assessee, a beneficiary of Trust assigned to the trust his share of income received from pa1:tnership firm-The same alongwith other income distributed to assessee-Assessee assigned his interest in favour of Body of Individuals (80/s) and claimed that it should be assessed as asset of 80/s-Claim rejected by Assessing Officer holding that creation of BO/s and assignment was a sham and bogus-Commissioner (Appeals) reversed the findings and his decision affirmed by Tribunal-High Court declined to direct the Tribunal to state and refer the question holding…
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