DIPAK MISRA, J. - (1.)('the Tribunal') in respect of the following question : "Whether the finding recorded by the Tribunal that silver ornaments weighing 103.5 tolas valued at Rs. 9,645 and gold ornaments weighing 140 tolas valued at Rs. 75,398 were acquired by the HUF in 1975 -76 is on correct appreciation of the entire facts and circumstances of the case and is as per the provisions of law -
(2.)ON the basis of the aforesaid, the Tribunal has sent a statement of case and referred to the question under s. 27(3) of the WT Act, 1957 (for brevity, 'the Act') for opinion of this Court.
(3.)THE facts which are essential to be stated are that the assessee was carrying on business of goldsmith and a pawn In the said search, gold and silver ornaments were recovered from a front room of the house as well as from the floor of that room. 152.280 kgs. of silver ornaments and coins valued at Rs. 1,21,800, silver slabs weighing 101 kgs., silver ornaments weighing 102 kgs., primary gold, gold coins and gold sovereigns, total weighing 1kg. and gold ornaments assessee filed a WT return for asst. yrs. 1966 -67 to 1974 -75 declaring the entire wealth in the shape of gold, silver bullion and ornaments belonging to the HUF. Subsequently, a revised return was filed claiming that gold and silver ornaments belonged to three ladies of the family and were their personal assets seeking exemption under s. 5(1)(viii) of the WT Act. It was also stated that the share of the father of the present Karta was also to be excluded.
The WTO assessed the entire wealth in the hands of assessee's HUF as per the declaration made in the original return.