No Wealth tax on Assets Purchased by Wife out of loan from Husband- Shah Rukh khan gets relief

The facts, in brief, are that the assessee declared net wealth of Rs.2,75,28,460/- in his wealth tax return. The ld. Assessing Officer accepted the wealth declared by the assessee by passing an order u/s 16(3) of the Wealth Tax Act, 1957. The Revenue audit raised a query, consequently, notice dated 15/03/2011 u/s 17of the Wealth Tax Act, 1957, was issued to the assessee. The wife of the assessee, Ms. Gauri Khan, purchased a residential house at Delhi for Rs.1,65,95,000/- and jewellery worth Rs.70,22,658/- out of the loan of Rs.2,28,88,530/- given by the assessee. The Assessing Officer was of t...