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TMI Blog1980 (2) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... he appeal were taken up for hearing by the AAC, additional grounds of appeal were filed. The only point that was pressed in those additional grounds of appeal before the AAC was with regard to the inclusion of the foreign wealth. The figures of foreign wealth which were included in the net wealth and which inclusion was contested as above for the years under appeal are as under: Asst. Year. Amount included 1965-66 1,21,952 1966-67 1,21,952 1967-68 1,92,684 1968-69 1,53,659 1969-70 1,53,659 1970-71 1,42,770 1971-72 1,42,700 The AAC found that thought the assessee had returned the above wealth it was contended befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of the foreign wealth from the respective wealth-tax assessments. Aggrieved by this order of the AAC, the Revenue has come on appeal before us. 4. The ld. Deptl. Rep. contended that the AAC erred in holding that the foreign wealth should be excluded from the assessments. He pointed out that the foreign wealth consisted of share interest in the firm in which the assessee was a partner, that the assessee's share in the above firm which was dissolved in 1964 was an asset of the assessee in Ceylon and its value cannot be taken as nil. He further urged that the decision of the Madhya Pradesh High Court referred to by the AAC would not apply to the facts of this case. On behalf of the assessee reliance was placed on the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... more, that the whereabouts, of the last individual was not known, that Sri Cader Oli was able to bring only a sum of Rs. 50,000 from Ceylon, that the above sum belonged not to the assessee but to two other partners of M/s. L.K.S. Brothers, that the share pertaining to the assessee alone came to Rs. 10,000 and this was received on 17th March, 71, that declaration to this effect was filed before the ITO, Tuticorin, about the clandestine transfer of funds, that the ITO, Trichy, while disposing of the assessment of partner, Viz; L.K. Khaji Allauddin for the asst. yr. 1971-72, has discussed about the fact of Cader Oli having filed a declaration as above, and that only a sum of Rs. 20,000 should be taken as the foreign wealth of the assessee for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was owned by the assessee on the respective valuation dates and has not been deprived of the said asset. There is force in this submission. The ld. Counsel for the assessee argued that in view of the restriction on remittances from the foreign country to India, it should be taken that the foreign wealth has no value whatsoever. The above argument is too wide to be accepted. During the relevant period what was the restriction that was imposed by the foreign country in respect of remittances has to be examined. In so far as the assessee could not dispute the position that on the respective valuation dates the foreign assets was owned by him, thought subject to restriction in respect of remittances from the foreign country, the valuation, of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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