9911796707
TMI Blog1989 (3) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... g that the proviso to subsection (1) of section. 25 of the Wealth-tax Act, 1957, cannot be invoked by the Revenue on the facts of this case. The respondent is assessed in the status of an individual under the Wealth-tax Act, 1957, and these appeals relate to the assessment years 1958-59, 1959-60, and 1960-61, for which the corresponding valuation dates are March 31, 1958, March 31, 1959, and March 31, 1960, respectively. The respondent is a shareholder in Walchand and Co. P. Ltd. On each of the three valuation dates, she held 140 shares in the company. For the purpose of assessment under the Wealth-tax Act, the respondent adopted the valuation of the shares at their break-up value with paid-up capital and reserves as there was no market ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Appellate Assistant Commissioner did not arise. The Appellate Tribunal did not reduce the values determined by the Appellate Assistant Commissioner as no appeals had been filed by the respondent. Meanwhile, however, during the pendency of the appeals before the Appellate Tribunal, the respondent preferred revision applications on June 29, 1962, under subsection (1) of section 25 to the Commissioner of Wealth-tax in respect of the aforesaid assessment years and contended that the valuation of the shares adopted by the Appellate Assistant Commissioner was unreasonable and excessive and should be duly modified. The Commissioner made an order dated August 12, 1964, rejecting the revision applications on the ground that they were incomp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not expired or in the case of an appeal to the Appellate Tribunal, the assessee has not waived his right of appeal ; (b) where the order is the subject of an appeal before the Appellate Assistant Commissioner or the Appellate Tribunal." The High Court has taken the view that clause (b) of the proviso to sub-section (1) of section 25 of the Act operates as a bar to a revision application by an assessee before the Commissioner only where the assessee has also filed an appeal before the Appellate Tribunal. According to the High Court, the bar does not come into operation against an assessee where the appeal before the Appellate Tribunal has been filed by the Revenue. It seems to us that the view taken by the High Court cannot be sustain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the Appellate Tribunal. The revision applications, in short, had become infructuous. What the respondent should have done, on coming to know of the filing of the appeal by the Revenue before the Appellate Tribunal, was to have withdrawn the revision petitions filed before the Commissioner and filed her own appeals before the Appellate Tribunal with an application for condonation of delay under sub-section (3) of section 24, in case the period of limitation had expired and, accordingly, both the sets of appeals would have been disposed of by the Appellate Tribunal. In case the respondent came to know of the filing of the appeals by the Revenue before the Appellate Tribunal and had not yet applied in revision to the Commissioner, s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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