Law:

Section:

Section 2(m) of the Wealth-tax Act, 1957 - Net wealth - Assets belonging to assessee - Assessee was niece of a Maharaja who had gifted certain land to her - Land Board accepted gift as valid and held gifted land to be no more property of donor in proceedings pertaining to ceiling on property - Land Board's order had become final and assessee was in possession and enjoyment of gifted land - Whether Tribunal was justified in holding that said gift was invalid and assessee had no legal right over gifted land which, therefore, was not an asset of her's and could not be included in her net wealth - Held, no Facts The assessee, who was the niece of a Maharaja, was in possession and enjoyment of certain land gifted to her by the Maharaja. The Land Board had accepted it as a valid gift and in proceedings pertaining to the ceiling on property, held that it was no more the property of the donor. In the wealth-tax proceedings, the revenue included the value of the gifted land in the net wealth of the assessee. However, the Tribunal held that it was not a valid gift and excluded it from the net wealth of the assessee. On reference at the instance of the revenue : Held The Tribunal had come to the conclusion in its finding that the Land Board had erroneously declared the gift as valid and had excluded it from the net Wealth of the donee. But the assessee was in possession and enjoyment of the property. Moreover, the order of the Land Board had become final and was no longer open to challenge. The Tribunal's findings were based on suppositions and surmises and, thus, totally unsustainable. The Tribunal was, therefore, not justified in deleting the value of the gifted property from the net wealth of the assessee. P.K.R. Menon for the Applicant. N. Sreenivasan for the Respondent. JUDGMENT Thommen, J.-The following two questions have been, at the instance of the revenue, referred to us by the Tribunal, Cochin Bench : "1.Whether, on the facts and in the circumstances of the case, and in view of the fact that the Land Board not having questioned the validity of the gift to the assessee, the Tribunal is right in law and fact in coming to a different conclusion based on…

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