9911796707
TMI Blog1990 (6) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... aluation dates are March 31, 1974 and March 31, 1975. The respondent is the Revenue. The assessee returned a net wealth of Rs. 5,28,800 and Rs. 3,86,058, respectively, for the assessment years 1974-75 and 1975-76. The assessee is a partner in M/s. Varkey Jacob and Co. with 3/5ths share. The firm had taken on lease a rubber estate. The estate was acquired by the State of Kerala under the Land Acquisition Act. The Wealth-tax Officer found that an amount of Rs. 9,25,000 was awarded to the firm towards compensation for surrendering their leasehold right in the estate. The firm had not accepted the award. It had initiated proceedings claiming additional compensation in the sum of Rs. 6,67,000 and a solatium of Rs. 1,03,000. The total additional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of any variation by the High Court regarding the additional compensation granted, it is open to the assessee to approach the Wealth-tax Officer for suitable modification in the original assessments on the basis of the judgment of the final court. On the merits, it was held that the Wealth-tax Officer was justified in reckoning the additional amount claimed by way of compensation in determining the total assets. It is thereafter at the instance of the assessee that the question of law formulated hereinabove has been referred for the decision of this court. We heard counsel. In the light of the decision of the Supreme Court in CIT v. Hindustan Housing and Land Development Trust Ltd. [1986] 161 ITR 524, AIR 1986 SC 1805, on the facts o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 247 of 1980, all that is necessary is to hold that it is the duty of the Wealth-tax Officer to give effect to the judgment passed by this court in L. A. A. No. 247 of 1980, dated January 28, 1987, and recalculate or recompute the net wealth for the two assessment years 1974-75 and 1975-76. The assessee shall produce a copy of the judgment rendered in L. A. A. No. 247 of 1980 before the concerned Wealth-tax Officer. He shall give effect to the said judgment as directed by the Appellate Assistant Commissioner and as affirmed by the Appellate Tribunal. It is open to the assessee to raise all his pleas regarding the determination of the net wealth as on the respective valuation dates. We, therefore, answer the question referred to us in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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