9911796707
TMI Blog2002 (8) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... h of the assessee? - Having regard to this, the fact that though the annuities do constitute an asset of the assessee and are, therefore, liable to the Wealth-tax Act, the extent to which that asset is taxable will have to be worked out by applying the proviso under section 5(1)(vi)--an exercise the Tribunal has not done. - We, therefore, remand the matter to the Tribunal with a direction to compu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration, in respect of the remuneration payable to the assessee by paying single insurance premium. The assessee's claim that the market value of the annuities received by him was not includible in his net wealth was rejected by the Wealth-tax Officer. Though the assessee was successful in his appeal to the Commissioner, the view of the Assessing Officer was restored on further appeal to the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee by the film producers whose films the assessee had directed, these annuities do not fall within the scope of section 2(e)(2)(ii) of the Act and constitute the assets of the assessee. The question referred to us is, therefore, required to be answered in favour of the Revenue and against the assessee. The assessee, however, is entitled to avail of the benefit of section 5(1)(vi) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other payment on the policy is payable bears to ten." The Supreme Court in the case of CWT v. Yuvraj Amrinder Singh [1985] 156 ITR 525, after referring to that proviso to section 5(1)(vi) rejected the submission that had been made before it that the policy of insurance referred to in clause (vi) must mean a policy based on human life and that too where periodical premia are payable and as such a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Having regard to this, the fact that though the annuities do constitute an asset of the assessee and are, therefore, liable to the Wealth-tax Act, the extent to which that asset is taxable will have to be worked out by applying the proviso under section 5(1)(vi)--an exercise the Tribunal has not done. We, therefore, remand the matter to the Tribunal with a direction to compute the extent to whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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