Law:

Section:

Section 21A, read with sections 13 and 7 of the Wealth-tax Act, 1957 - Trust, assessment in case of diversion of property or income from, under trust - Assessment years 1973-74 and 1974-75 - Whether where Tribunal held that assessee-society which was a public charitable foundation falling within ambit of section 21A read with section 3, was liable to wealth-tax, a referable question of law arose out of such order of Tribunal - Held, yes - Whether question as to whether assessee foundation could be treated to have authors/founders with reference to its subscribers/trustees and whether term 'substantial contribution' should be seen with reference to total contribution received by foundation and not as some absolute figure adopted by department within meaning of section 13(3), was referable question of law - Held, yes FACTS The Tribunal held that the assessee society which was a public charitable foundation falling within the ambit of section 21A read with section 3 was liable to wealth-tax. The Tribunal also held that the foundation could be treated to have authors/founders with reference to its subscribers/trustees and the term 'substantial contribution' should be seen with reference to the total contribution received by the foundation and not as some absolute figure adopted by the department within the meaning of section 13(3). On reference: HELD Questions of law arose from the order passed by the Tribunal and the Tribunal was directed to prepare a consolidated statement of case and to refer the same for the opinion of the High Court. Note : The case was decided in favour of the assessee. Anoop Sharma and R.K. Raghavan for the Applicant. P.N. Misra and D.C. Taneja for the Respondent. JUDGMENT Yogeshwar Dayal, J.-This order will dispose of two applications under section 27(3) of the Wealth-tax Act, 1957, relating…

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