9911796707
TMI Blog1997 (12) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... er the Wealth-tax Act ? (2) Whether the Tribunal was right in law in not extending the tenor of 'works of art', coming in the provisions of section 5(1)(xii) of the Wealth-tax Act, to the cups and trophies ?" The assessee is an individual and filed the wealth-tax return for the assessment year 19 78-79 on January 5, 1979. A revised return was also filed subsequently. It appears that there was a search on January 20, 1981, in the premises of the assessee and in his native place at Kanadukathan. During the course of search it was found that there were silver articles weighing about 150 to 200 kgs. which were not properly explained. The assessee claimed that out of the said quantity, 73.850 kgs. belonged to the assessee, that the assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cups or trophies were won and they cannot be regarded as works of art. The Appellate Tribunal also held that the fact that some of the cups and trophies were subsequently converted into basic metal and some of them were sold may not necessarily indicate that they were intended for sale. However, the Appellate Tribunal found that the trophies cannot be regarded as works of art and, therefore, the assessee was not entitled to claim exemption as aforesaid. In this view of the matter, the Appellate Tribunal dismissed the appeal preferred by the assessee. Mr. P. P. S. Janarthana Raja, learned counsel for the assessee, vehemently contended that the Tribunal was not correct in holding that the cups and trophies cannot be. regarded as "works of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facture of the product which on a mere look up it can be regarded as works of art. In Halsbury's Laws of England, fourth edition, in paragraph 892, the expression "works of art" is defined as follows : "Works of art" applies to paintings, drawings and pastels executed by hand, original engraving prints and lithographs and original sculptures and statutory (sic) in any material." In Sampath Iyengar's The Three New Taxes, the expression and term "works for art" is as under : "Works of art are those which are the result of human skill applied in various directions, such as, sculptures by Michael Angelo, paintings by Raphael, Ruben, Vandyke, Leonardo da Vinci, Botticelli, Rembrandt, etc., or portraits by Ravi Varma, etc. Leading examples of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
