9911796707
TMI Blog1979 (5) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... nder s. 16(3) of the WT Act on the assessees which are private trusts for asst. yrs. 1976-77 and 1977-78, the relevant valuation dates being 31st March, 1976 and 31st March, 1977 respectively. The WTO computed taxable wealth of the assessee in WTA Nos. 216 217 (Mds)/78-79 as Rs. 74,200 and Rs. 90,000 and the tax payable as Rs. 1,113 and Rs. 1,364 for the asst. yrs. 1976-77 and 1977-78 respective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontending that since the taxable wealth was below Rs. 1 lac no tax could be levied. The AAC did not accept the contention. He held that under s. 21(4) of the WT Act tax was leviable either as per the rates mentioned in the Schedule to the Act or 1.5 per cent whichever was higher. He therefore confirmed the assessments. Hence these appeals. 2. The assessee's learned counsel contended that s. 3 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... WT Act in such a case. He pointed out that the provisions of s. 3 are subject to the other provisions in the WT Act and consequently there is no question of provisions of s. 3 over-riding the provisions of s. 21(4). 4. It is seen that this question came up for consideration in the case of these very assessees for the asst. yr. 1975-76 and Madras Bench-3 of the Tribunal by its order dt. 30th Mar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the company. The WTO rejected the above contention for the reasons mentioned in an annexure to his order. The AAC also rejected the above contention. In the Expln. 2 or r. 1D are enumerated what amounts shown as assets in the balance-sheet shall not be treated as assets and what amounts shown as liabilities shall not be treated as liabilities. Cl.(B) of Expln. 2 provides that the amount set apar ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
