COMMNR. OF WEALTH TAX, GUJARAT vs LOV S. KINARIWALA — C.A. No. 1858/2002

The Supreme Court dismissed the Revenue's appeal against the High Court of Gujarat's rejection of an application to refer a question of law to the Income Tax Appellate Tribunal regarding whether assets transferred to Bodies of Individuals (B.O.Is.) should be excluded from the assessee's wealth. Since the Tribunal had factually found that the creation of B.O.Is. and asset assignments were genuine transactions (not sham), no question of law arose, and the High Court correctly rejected the Revenue's application under Section 27(3) of the Wealth Tax Act. This case analysis is maintained by casestatus.in based on publicly available court records.