1991 (3) TMI 3 - HC - Wealth-tax

Summary

Issues:
1. Deduction of estimated notional amount of capital gains tax.
2. Consideration of compulsory deposit in computing net wealth.
3. Applicability of Circular No. F. No. 6/8/68-W. T. for valuation of jewellery.

Analysis:
1. The first issue pertains to the deduction of the estimated notional amount of capital gains tax. The court referred to a previous decision in a similar matter and ruled in favor of the Revenue, stating that the assessee was not entitled to such deduction.
2. The second issue involves the consideration of a compulsory deposit in the Compulsory Deposit Scheme (Income-tax Payers) Account for computing the net wealth of the assessee. The court relied on a prior judgment and decided in favor of the Revenue, upholding that the deposit should be taken into account.
3. The third issue revolves around the applicability of Circular No. F. No. 6/8/68-W. T. for the valuation of jewellery. The court examined the circular and its annexure, determining that it was not applicable to the assessment years under consideration. The court upheld the Tribunal's decision that the circular did not affect the valuation for any assessment year other than 1968-69 to 1970-71, ruling in favor of the Revenue.

In conclusion, the High Court of CALCUTTA addressed the issues related to the deduction of capital gains tax, consideration of compulsory deposit, and the applicability of Circular No. F. No. 6/8/68-W. T. for jewellery valuation, ruling in favor of the Revenue in all three instances.