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TMI Blog1971 (8) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... 31,1957, March 31, 1958, and March 31, 1959. So far as the assessment of the assessee for the assessment year 1957-58 is concerned the matter had come up to this court on an earlier occasion. This court remanded the case to the High Court to decide the case afresh, if necessary after reframing the first question in the light of the principles enunciated by this court in the order of remand : see Commissioner of Wealth-tax v. Aluminum Corporation of India Ltd. The High Court after expressing doubts about the competence of this court to remand the case brought to this court under the provisions of the Wealth-tax Act has answered the first question in favour of the revenue. So far as the second question is concerned it has answered the same i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he revaluation of the assets made by the company before March 31, 1956. The increase in value on account of revaluation was to the tune of Rs. 2,83,871, Rs. 72,31,204 and Rs. 98,67,481 in the case of land, buildings and machinery, respectively. The directors of the company in their annual report for the year ended March 31, 1956, noted that these assets had been revalued so as to indicate a true picture of their value and that evaluators had given due consideration to depreciation which the buildings, plant and machinery had been already subjected to. A corresponding capital reserve of an amount of Rs. 1,73,82,556 was created against the increase in the value of the assets. The increase in the value of assets effected before March 31, 1956, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowance for the wear and tear of the assets even on the basis of the revised values for the period between the date of the revaluation of the assets and the wealth-tax valuation dates. The Appellate Assistant Commissioner of Wealth-tax disagreed with the Wealth-tax Officer and allowed the assessee's appeal holding that the value of the block assets should be taken to be their written down value as per the income-tax records and not the value shown by the assessee in its balance-sheets. The department appealed to the Tribunal against the order of the Appellate Assistant Commissioner. The Tribunal allowed the appeal partially. It upheld the action of the Wealth-tax Officer in determining the value of the fixed assets on the basis of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the High Court on the first question. Before adverting to the merits of the contentions of the parties, we consider it necessary to observe that we are wholly unable to comprehend the attitude of the High Court while dealing with the case. The High Court quite clearly exceeded its jurisdiction in examining the competence of this court to remand an appeal brought to this court under the provisions of the Wealth-tax Act. It would have done well to remind itself that it was bound by the orders of this court and could not entertain or express any argument or views challenging their correctness. The judicial tradition and propriety required that court not to attempt to sit on judgment over the decisions and orders of this court. Now turni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunals. Turning to the facts of the assessee's case, the revaluation of the assets was made in 1956. That revaluation in the absence of any evidence to show that it was incorrect, undoubtedly afforded a sound basis for valuing the assessee's assets. But then, when the value of those assets had to be determined on the valuation dates concerned in these cases, the Wealth-tax Officer should have deducted from the 1956 valuation the value of the depreciation of those assets after the date they were revalued. Undoubtedly, those assets were subject to wear and tear and there was no evidence to show that the market value of those assets had gone up after they were valued in 1956. Our conclusion regarding the valuation for the year 1957-58 ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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