9911796707
TMI Blog1976 (12) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... f clause (m) of section 2 of the Wealth-tax Act on the relevant valuation date - question is answered ion favour of assessee - assessee's appeal is allowed - - - - - Dated:- 1-12-1976 - Judge(s) : H. R. KHANNA. and V. R. KRISHNA IYER. JUDGMENT The judgment of the court was delivered by KHANNA J.--This appeal on certificate is against the judgment of the Calcutta High Court whereb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e net wealth. The claim was disallowed by the Wealth-tax Officer, the Appellate Assistant Commissioner of Wealth-tax and the Tribunal. On an application filed by the appellant, the Tribunal referred the question reproduced above to the High Court. The High Court, while answering the question in favour of the revenue and against the assessee-appellant, relied upon its earlier decision in the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te, within the meaning of section 2(m) of the Wealth-tax Act, 1957, and was deductible in computing its net wealth as on that date. Following that decision, we are of the view that the answer to the question referred by the Tribunal to the High Court should be in the affirmative, in favour of the assessee-appellant and against the revenue. Mr. Ahuja submits that the view taken by the majority in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
