Suhas chandra sen, j. - (1.) THE following question of law has been referred to this Court by the Tribunal under s. 27(1) of the WT Act : "Whether on the facts and in the circumstance of the case of Tribunal was right in holding that the value of 600 shares of Kumar Metals Pvt. Ltd. and bank balance of Rs. 1,260 acquired out of the sale proceeds of the shares of Hindustand Aluminium Corporation Ltd. gifted to the HUF of the assessee and his wife could not the property of the assessee as an individual ?"
(2.) THE reference relates to the asst. yr. 1973-74. THE dispute is about the incredibility of 300 shares gifted to an HUF comprising of the assessee and his wife in the assessee's net wealth for the purpose of WT assessment. The finding of the AAC was that B. K. Birla had gifted the said 300 shares of Hindusthan Aluminium Corporation to an HUF and this fact had been accepted in the earlier assessment year also. The Tribunal held that this would not be included in the hands of the assessee. We are of the view that after the gift of the shares, the sale proceeds of those shares belonged to the family.
(3.) IN that view of matter, the question is answered in the affirmative and in favour of the assessee. No paper book has been filed. The reference is disposed of finally without the paper book.;