9911796707
TMI Blog2006 (2) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... ad already expired as on Valuation Date. b. That the legal heirs are/were not aware of the alleged declaration nor are they given copies of the documents relied upon. c. The appellant was in appeal against the income-tax assessment which has already been decided in favour of the assessee by the learned CIT(A)-XXV who has accepted the contention that the legal heirs have not been shown to have received the estate of the deceased. d. That the liability of the legal representatives is confined only to the extent of the estate of the deceased in her hands. The Learned CWT(A)-XXV has failed to consider above clauses except the clause (d) mentioned in the grounds of appeal made before the learned CWT(A)-XXV and passed an order on presumptio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th of the assessee, the assets so declared are liable to wealth-tax and net wealth of Rs. 34,43,419 was assessed. The CIT(A) after considering the facts further observed that Mrs. Manjula N. Tanna, wife and as legal heir of the deceased Mr. Manilal N. Tanna was supposed to file wealth-tax return declaring the taxable wealth as on 31-3-1998 being the first Valuation date subsequent to the VDIS declaration. The CIT(A) brushed aside the argument of the assessee that the notice if any should have been issued to all the legal heirs and confirmed the assessment made by Assessing Officer being in his opinion within the framework of law. 5. The appeal before the Tribunal was instituted late, i.e., after a delay of 87 days. The legal heir of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) also considered the arguments of the assessee at length and passed the aforesaid appellate order under consideration. The wealth-tax assessment for assessment year 1998-99 has been completed for determining the net wealth of the assessee as on the valuation date, i.e., 31-3-1998. It is an accepted fact that the assessee died on 16-1-1998, i.e., much before the close of the valuation date, which is 31-3-1998. The notice under section 17 of the Wealth-tax Act and thereafter notices under section 16(2) of the Wealth-tax Act have been issued for determining the wealth of a person on a date when he is not alive. The assessee expired on 16-1-1998 and repeated notices have been issued for determining the net wealth as on 31-3-1998. Under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et on the valuation date if he is not alive on that date. 8. On perusal of entire scheme of assessment under the W.T. Act, it can be seen that for computing the wealth of any assessee, the material date is the valuation date i.e., 31st March of each year. The facts of the case under consideration present a very peculiar picture. The assessee expired on 16-1-1998 and the Assessing Officer issued a notice under section 17 for assessing wealth which he had a reason to believe had escaped assessment, i.e., the net wealth of the assessee who had already expired prior to the valuation date, i.e., 31-3-1998. Since the assessee had expired on 16-1-1998, there is no question of any net wealth to be assessed in the hands of the assessee as on the v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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