9911796707
TMI Blog1985 (8) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... djourn the hearing of the appeals. At the time of hearing of the appeals none put in appearance on behalf of the assessee. The appeals were, therefore, heard ex parte and have to be disposed of on the basis of submissions made on behalf of the revenue and the materials available on record. 3. The assessee is an individual. The assessment years involved are 1968-69 to 1974-75. Shri B.B. Kundu, the learned departmental representative, stated before us that the assessee carries on business as a contractor and that he constructed two bridges for the Government of Assam. The assessee filed two separate suits for recovery of compensation, being suit No. 33 of 1965 and No. 21 of 1966 in the Court of sub-Judge, Silchar. It further appears that bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15,146 1972-73 15,146 1973-74 514 -------------------- 1,07,148 -------------------- 4. The WTO has further noted in the assessment orders that the assessee filed an appeal before the Hon'ble Supreme Court against the judgment and decree passed by the Hon'ble High Court. According to the WTO, right to i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition of interest is concerned. Therefore, the appeal for the assessment year 1974-75 is incompetent and is liable to be dismissed on this ground as the ground taken does not arise out of the orders of the authorities below. 8. The learned departmental representative has submitted before us that the claim for pendente lite interest is an asset, value whereof has been quantified. It was further pointed out that though the Hon'ble Gauhati High Court has set aside the judgment and decree passed by the sub-Judge, Silchar, in the two suits, the assessee has gone up in appeal before the Supreme Court and has not given up his claim. It was further pointed out that the money received by the assessee as pendente lite interest under the decrees pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax is chargeable in respect of net wealth of the assessee. 'Net wealth' is defined in section 2(m) of the Act and it means the amount by which the aggregate value of all the assets belonging to the assessee on the valuation date is in excess of aggregate value of all the debts owed by the assessee on the valuation date. The definition of the word 'asset' as given in section 2(e) is not exhaustive but is inclusive. 'Asset' includes property of every description, movable or immovable, with certain exceptions as given in section 2(e). So, in the instant case, it is to be seen whether pendente lite interest awarded under the decree passed by the sub-Judge, Silchar, is an asset belonging to the assessee. 10. Section 34 of the Code of Civil P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Now, coming to the facts of the case in hands, it will be seen that the sub-Judge, Silchar, passed two separate decrees in favour of the assessee and against the State of Assam awarding pendente lite interest aggregating to Rs. 1,07,148. This amount was received by the assessee some time in August 1973. It, however, appears that subsequently the judgments and decrees passed by the sub-Judge, Silchar, were set aside by the Hon'ble Gauhati High Court and the suits brought by the assessee were dismissed. The moment the decrees passed by the trial court were set aside by the Hon'ble High Court, the assessee's right to receive pendente lite interest under the original decrees of the trial court became extinct and no longer survived. The assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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