826/CBDT. - Income Tax - 826/CBDT

INSTRUCTION NO. 826/CBDT Dated : January 29, 1975 Attention is invited to Board's Circular No.3 W.T. of 1967 dated the 28th September, 1957, on the above subject in which in para 2(c) it was intimated that rights or interests (otherwise than by way of security) in or over tangible movable property are located in India if such property is located in India or if it is in transit to India. But in the case of Consolidated Pneumatic Tools Co.(81 ITR 752), the Supreme Court has held that for the purpose of Wealth-tax, goods in transit to India cannot be held to be located in India. In view of this decision of the Supreme Court, the words "or if it is in transit to India" in para 2(c) of the Board's Circular No.3 W.T. of 1957 dated the 28th September, 1957 are inapplicable and may be treated as cancelled. 2. The contents of this instruction may please be brought to the notice of all the officers in your charge.