Director Of Income Tax vs Aparna Ashram on 3 February, 2012
12. The Karnataka High Court in Commissioner of Wealth Tax versus
Chikmagalur Club (2007) 290 ITR 522 has, however, taken a contrary
view. In this case, it has been held that the members of an association are
the owners of the assets and the individual shares of the members in the
income, in the assets or in both of the association on the date of formation
or any time thereafter, being nil or zero are indeterminable or unknown.
Findings recorded by the Karnataka High Court reads as under:-