9911796707
TMI Blog1998 (8) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... the net wealth of the assessee, the amount he regarded as the assessee's share in the profit of the firm of which the assessee was a partner, that profit having arisen by reason of the exploitation of the customs clearance certificate. The assessee contended that the assessee had not received any such benefit from the firm and that the firm itself had taken the stand that it had not derived any b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, 1961, for the firm and the Wealth-tax Act for the assessee were the same. The addition made to the income of the firm in respect of the assessment years 1966-67 and 1967-68 was questioned by the firm and the questions referred at the instance of the firm were considered by a Division Bench of this court in T. C. Nos. 292 and 293 of 1983 (Traders and Traders v. CIT [1999] 236 ITR 269), wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rala High Court in the latter decision has taken the view that if the addition made was in the same assessment year under the Income-tax Act, it could be taken into account for the assessment of the partner under the Wealth-tax Act. Learned counsel for the assessee contended that the market value of the assets had to be determined as required under section 7 of the Wealth-tax Act and, therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal to determine the extent of the assessee's share in the income derived by the firm and from the customs clearance certificate and the amount so determined by the Tribunal shall be added to the wealth of the assessee for those assessment years. The additions to be made in so far as the assessment years 1966-67 and 1967-68 are concerned shall be the amount computed in accordance with th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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