2003 (4) TMI 53 - HC - Wealth-tax

Appeal to HC - It was argued on behalf of the Department that in this matter, the Department has come in appeal before the High Court as the Commissioner of Income-tax (Appeals) has laid down a principle of law while remanding the matter to the Assessing Officer. No such principle has been laid down by the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) has merely directed valuation of the property as per Schedule III to the Wealth-tax Act. In the circumstances, no substantial question of law arises in these appeals. Thus, Department is not right in contending that it has come in appeal before the High Court as the Commissioner of Income-tax (Appeals) has laid down a principle of law while remanding the matter to the Assessing Officer

Summary

The High Court of Bombay dismissed three wealth-tax appeals related to assessment years 1989-90, 1990-91, and 1992-93. The appeals were filed by the Department under section 260A of the Income-tax Act, 1961. The Commissioner of Income-tax (Appeals) directed the Assessing Officer to revalue the property based on Schedule III to the Wealth-tax Act. The High Court concluded that no substantial question of law arose in these appeals.