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TMI Blog2005 (1) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... (v)?" - Tribunal has found that the minimum period for which a route permit can be granted is three years and maximum period is five years under the Motor Vehicles Act, 1939, it cannot be said that the respondent-assessee had interest of six years or more in the route permit. Therefore, the Tribunal had rightly deleted the addition made on this account. - We answer the question referred to us in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hile filing their return of wealth for the assessment year 1984-85 has shown only the value of their buses and not of the route permits. The Wealth-tax Officer included the value of the route permits also while determining the taxable wealth which order was confirmed by the Appellate Assistant Commissioner in appeal. However, in further appeal the Tribunal had held that under section 58 of the Mot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the route permits. While holding so the Tribunal has relied upon a decision of the apex court in the case of CWT v. Smt. R.A. Muthukrishna Ammal [1969] 72 ITR 801. We have heard Sri Shambhu Chopra, learned standing counsel for the Revenue, and nobody has appeared on behalf of the respondent-assessee. We find that section 2(e)(v) of the Act as it stood after the amendment by the Finance A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Motor Vehicles Act, 1939, it cannot be said that the respondent-assessee had interest of six years or more in the route permit. Therefore, the Tribunal had rightly deleted the addition made on this account. In view of the foregoing discussion, we answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue. There will be no order as to costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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