Law:

Section:

Section 3 of the Wealth-tax Act, 1957 - Charge of tax - Assessment years 1957-58 and 1958-59 - Assessee was son of one 'A' who under a deed of gift gifted his self acquired immoveable properties equally among his sons including "assessee" - It was found that when said gift deed was made assessee was only six years old - Whether in circumstance of facts it could be held that "A" intended to confer upon his sons same right which he expressed in deed of gift and without more it was difficult to infer that he intended to confer upon his sons properties which they should take and enjoy for the benefit of their respective undivided families that they might develop in future - Held, yes - Whether therefore, absolute gift was made in favour of assessee and he would be taxed in individual capacity - Held, yes Section 3 of the Wealth-tax Act, 1957 - Charge of tax - Assessment years 1957-58 and 1958-59 - Assessee's father converted its sole proprietary business into a partnership business - As per partnership deed assessee's father retained certain share for himself and divided remaining shares among his sons equally and also divided capital account among his sons equally including assessee - Deed of partnership also provided that if one of partners died without a male issue, maintenance would be provided to his widow upto a fixed limit, during her natural life and his brother would succeed him - Whether above facts were indicative of state of affairs in which assessee's father wanted to partition business between himself and his sons - Held, yes - Whether therefore, in respect of properties which were subject-matter of deed of partnership, assessee would be taxed as a HUF - Held, yes FACTS The assessee was the son of one 'A' and grandson of one 'L'. 'L' was a Hind governed by the Mitakshara school. 'A' was his only son. 'A' had five sons. 'A' used to do business as the sole proprietor, and owned several properties which were his self-acquired properties, when 'A' had only four sons born to him, he executed three deeds-the first one and the second one was giving immovable properties to the first and second sons, respectively and the third one was for giving to third and…

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