2017 (1) TMI 1366 - HC - Wealth-tax

Addition in respect of the Wealth of Two Trusts - Held that - Similar question relating to same Assessee has already been answered by this Court in Commissioner of Income Tax Vs. Comilla Mohan 2007 (1) TMI 111 - ALLAHABAD High Court

Summary

Issues:
Wealth tax appeal under Section 27(A) of Wealth Tax Act, 1956 for Assessment Year 1991-92.

Analysis:
The appeal in question arose from a judgment and order passed by the Income Tax Appellate Tribunal concerning the deletion of additions made by the Assessing Officer in respect of the wealth of two trusts. The substantial question of law admitted for consideration was whether the ITAT was justified in upholding the CWT(A)'s order deleting the said additions. The counsel for the Revenue pointed out a similar case where the court had ruled in favor of the assessee, citing Commissioner of Income Tax Vs. Comilla Mohan. The court had previously answered similar questions in favor of the assessee and against the Revenue in cases involving trusts and dividend income. The court referred to its decision in CWT v. Rakesh Mohan, where questions were answered in favor of the assessee, leading to the dismissal of the appeal in question. The court ruled against the Revenue and in favor of the Assessee, following its previous decisions in similar cases. Consequently, the appeal was dismissed, and any interim order was vacated.