9911796707
TMI Blog1978 (8) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... livered by SATISH CHANDRA C.J.--The assessee is a public limited company. The assessment years are 1957-58, 1958-59 and 1959-60. The relevant valuation dates were December 31, 1956, December 31, 1957, and December 31, 1958. At the instance of the Commissioner, this court asked the Tribunal to draw up a statement of the case and refer the following question of law for our opinion : " Whether, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ---------------- Total 50,40,086 Ultimately, under s. 34(1B) of the Indian I.T. Act, 1922, the assessee settled the amount at Rs. 49,08,324. This amount was not shown by the assessee in its original return. The WTO stated that this was a clear act of omission on the part of the assessee to disclose fully and truly all material facts necessary for wealth-tax purposes. He initiated proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment years. Both the assessee and the department went up in appeal to the Tribunal. The Tribunal came to the conclusion that on facts it was clear that the company did not have any secret funds or any asset representing the aforesaid concealed income on the relevant valuation dates. From the report of the Investigation Commission, the Tribunal concluded that Sri Padampat Singhania and other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his secret income was brought into the books of account of the company even after 1960. For these various reasons, the Tribunal partly allowed the assessee's appeal. It, accordingly, deleted the addition of Rs. 42,45,692 from the assessment under the W.T. Act. The learned counsel for the revenue has submitted that the drawings, by the directors, of the amounts, which in law belonged to the compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed long before. It cannot hence be said that on the valuation dates these amounts represented the assets of the company. We have no hesitation in saying that the Tribunal took a correct view of the situation. The Tribunal has referred another question with regard to reopening of the assessment under s. 17(1)(a) of the Act. Mr. S. C. Khare stated that in the light of our opinion on the first ques ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
