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TMI Blog1971 (7) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... :- 27-7-1971 - Judge(s) : A. N. GROVER. and K. S. HEGDE. JUDGMENT The judgment of the court was delivered by HEGDE J.--- These are appeals by special leave. The question for decision in these appeals is whether the goods in transit from England to India belonging to a non-resident assessee can be considered as wealth of the assessee during the relevant valuation dates. The relevant a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied in the Schedule. " Net wealth is defined in section 2(m) and means " the amount by which the aggregate value computed in accordance with the provisions of the Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on the valuation date---- (i) the value of the assets and debts located outside India . . . shall not be taken into account. " As mentioned earlier, the assessee is a non-resident company. Therefore, in computing its net wealth the restrictions placed by section 6 will have to be taken into consideration. Quite clearly, the High Seas cannot be considered as a part of India in the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law arising from the order of the Tribunal and, therefore, the High Court was bound to consider it. But herein we are dealing with appeals brought by special leave. It is within the discretion of this court to grant or refuse to grant relief in appeals brought by special leave. For the reasons mentioned above we find no merit in these appeals. In the result, these appeals fail and they are dism ..... X X X X Extracts X X X X X X X X Extracts X X X X
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