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TMI Blog1987 (1) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 lakhs as on 31-3-1975 and of Rs. 11,41,500 as on 31-3-1976 relevant for asst. years 1975-76 and 1976-77 were not assessable. Tribunal further held that the market value of the annuity policies was not assessable which the WTO had assessed at Rs. 7.50 lakhs as against Rs. 3,95,972 shown by the assessee and at Rs. 8.50 lakhs as against Rs. 3,13,133 shown by assessee in asst. year 1976-77. 3. Revenue in the misc. application has pointed out that the aforesaid decision of Spl. Bench of Tribunal in N. M. Shah's case stands overruled by Supreme Court's decision in CWT v. Vysyaraju Badreenearayana Moorthy Raju (1985) 152 ITR 454 where it was held that what accures as a right also falls to be included in the assets of an assessee under the Wea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... covered by Supreme Court decision, the Tribunal's order under consideration suffered from a patent error of law which was rectifiable under section 254 as was held in N. C. R. Rajagopala Chettiar v. ITO (1968) 67 ITR 210 (Mad.); Blue Star Engg. Co. (Bombay) (P.) Ltd. v. CIT (1969) 73 ITR 283 (Bom.), etc., as per foot note 16 at page 927 of Kanga Palkhivala's Law Practice of Income-tax, 7th Edition, Vol. I, as also foot note 3 at page 3629 of Sampath Iyengar's Law of Income-tax, 7th Edition, Vol. IV, and cases at page 3126-7 under the head "Rectification following the law laid down in the Supreme Court's judgment" in Chaturvedi Pithisaria's Income-tax Law, 3rd Edition, Vol. III. 5. The learned counsel tried to urge that Jiyajeerao ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adjustment and by doing so, the WTO did not convert the cash system of book-keeping into a mercantile system of book-keeping for the purpose of Wealth-tax Act. In view of the said clear enunciation of law by the Supreme Court, we hold that the Tribunal's order under consideration suffers from an apparent mistake of law. We accordingly proceed to rectify the same by recalling our order insofar as it was held that the outstanding remuneration and annuity was not assessable for assessment years 1975-76 and 1976-77. 7. However, as the quantum of the wealth in respect of outstanding remuneration and annuities has not been adjudicated upon by CWT (A), we have to restore this matter to his file to go into the quantum of the aforesaid additions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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