Law:

Section:

Section 27, read with section 2(m), of the Wealth-tax Act, 1957 - Reference -Question of fact - Deceased R, who was owner of 10 shops, gifted them to his daughter P, at time of her marriage and thereafter she was receiving rents and profits of said shops - Tribunal held that F and not R was the owner of said shops on relevant valuation date - Whether any question of law arose out of Tribunal's order - Held, on facts, no Facts A deceased R, was the owner of 10 shops which were later gifted by him to his daughter, namely, P, at the time of her marriage. Since then, the shops in question belonged to P and she realised rent of such shops. The ITO, however, held that the assessee, the legal representative of R, was the actual owner of the shops on the relevant valuation date and since the value of the said shops had escaped assessment in the origi-nal assessment proceedings, the WTO initiated proceedings under section 17 and assessed the value of the 10 shops and added the same to the net wealth of the assessee. On appeal, the AAC, however, reversed the ITO's order, holding that the fact that the shops were gifted 'at the time of P's marriage was proved and that the title in respect of the 10 shops vested in P on account of the gift made in her favour at the time of her marriage. On appeal by the revenue, the Tribunal also came to the conclusion that P was the owner of the shops in question since they were gifted to her by her father at the time of her marriage and that the assessee was not the owner of the said shops on the relevant valuation date. Therefore, the Tribunal dismissed the appeal. The Tribunal also rejected the [revenue's reference application under section 27(1). On application under section 27(3): Held The finding arrived at by the Tribunal in the instant case that the assessee was not the owner of the 10 shops in question on the relevant date was a finding of fact. The AAC, as well as the Tribunal, on the basis of evidence on record, had come to the conclusion that the assessee had gifted the 10 shops to his daughter P at the time of her marriage and that she was receiving the rents and profits in respect of the said shops ever since her marriage.…

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