Short Note : This is a reference made by the Income-tax Appellate Tribunal under the Wealth Tax Act on the following question :- (1) Whether on the facts and in the circumstances of the case the Tribunal was in law justified in coming to the conclusion that the gift can be said to have been made by the assessee himself. (2) Whether the Tribunal, on the facts and in the circumstance of the case, was right in upholding the deletion of the amount of gifts of Rs. 50,000/- together with its accretions for each of the two years." 2. The assessee Shri Manilal C. Desai of Indore is an individual and the assessment years involved are 1962-63 and 1963-64. The assessee had a share in the firm Manilal C. Desai and Sons. In the books of the firm there are also accounts in names of the assessee's wife and his mother. The mother of the assessee died on 27th May 1956 and after her death a sum of Rs. 52466/- standing to her credit was transferred to the account of the assessess's wife. On 27-6-1958 two credits Rs. 2500/- each were made to the assessee's two grandsons Prateshkumar and Lalitkamar and these gifts by the wife were incorporated in writing in gifts deed dated 27-6-1956 where the assessee among other has also signed as one of the attesting witnesses. For each of these two years the Wealth Tax Officer added as part of the assessable net wealth of the assessee not only the amount standing to the credit of the wife's account as on the corresponding date of the valuation but also the sum of Rs. 50000/- alleged to have been gifted to the grandsons on 27-6-1958 together with the accretion of interest thereto upto the dates of the valuation. 3. In respect of the assessment years 1962-63 and 1963-64 the assessments have been made for the first time. The Wealth Tax Officer, therefore, made an addition of Rs. 1,45,563/- in the net Wealth of the assessee for the assessment year 1962-63 and for the next assessment year 1963-64 he similarly made an addition of Rs.1,60,446/-. 4. 3. In respect of the assessment years 1962-63 and 1963-64 the assessments have been made for the first time. The Wealth Tax Officer, therefore, made an addition of Rs. 1,45,563/- in the net Wealth of the assessee for the assessment year 1962-63 and for the next assessment year 1963-64 he similarly made an addition of Rs.1,60,446/-. 4. Against these orders assessment for these two years the assessee went up in appeal before the Appellate Assistant Commissioner of Wealth Tax and the said Commissioner by his common order followed the order of the Bombay Bench of the Tribunal as the Tribunal had held that so far as the quantum of gifts made by the assessee's wife in favour of the two grandsons along with accretions thereto are concerned the fact that the assessee had signed the gift deed as witness goes to show that the assessee himself made the gifts of the amount in question through his wife and therefore the amounts to each of the grandsons along with their accretions must be excluded from the net wealth of the assessee. The Appellate Assistant Commissioner therefore deleted the amount of Rs. 66,500/- and 73,000/- for the years under appeal. 5. The appellate Tribunal in regard to the question of gift made by the wife in favour of her two grandsons held that the assessee had signed as one of the attesting witnesses to the gift deed dated 27-6-1958, though the wife of the assessee was only a Benamidar in respect of amount standing in her name, the assessee having authorized her to make a gift, it may be said that the assessee himself had made the gifts. Thus the amount of Rs. 50,000/- would therefore be excluded from the net wealth of the assessee along with interest accrued thereon. Aggrieved by this decision the Commissioner of Wealth Tax sought a reference and at his instance the present reference has been made. Held : The Tribunal on the facts has held that although the amounts were standing in the name of the wife, but they were the assets of the assessee himself and by the gift-deeds dated 27-6-1958 the amounts have been gifted in favour of the minor grandsons. And therefore the Tribunal took the view that the gift can be said to have been made by the assessee himself. 6. And therefore the Tribunal took the view that the gift can be said to have been made by the assessee himself. 6. Section 4, sub-section (1) clause (a) sub-clause (v) of the Wealth Tax Act provides that in computing the net wealth of the individual there shall be included even the wealth standing in the name of son's wife or the son’s minor child, if such assets have been transferred directly or indirectly by the individual on after the last day of June 1973. This sub-clause (v) was inserted by the Taxation Laws (Amendment) Act, 1975 and has come into effect from 1st April 1976. The gifts in question are gifts made in 1958. Apparently, this clause is not attracted and therefore it could not be said that this amount standing in the name of the grandsons could be added to the Wealth of the assessee. Both the question answered in affirmative.