9911796707
TMI Blog1981 (1) TMI 128X X X X Extracts X X X X X X X X Extracts X X X X ..... is 31st Dec, 1974.2. The assessee in the year under consideration on 18th July, 1974 voluntarily filed his wealth-tax return under s. 18B of the Act for the asst. yrs. 1966-67 to 1973-74. Pursuant thereto, the WTO made the assessments for these years on 27th July, 1974. The Demand Notices were served on the assessee -HUF only on 5th Aug, 1974 as detailed below : Assessment year Amount of wealt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ises as early as on the valuation date itself. Therefore, the WTO's observation that liability was outstanding for more than 12 months in respect of assessment years upto asst. yr. 1973-74 is correct in law. The decision of Allahabad High Court referred to by the learned counsel of the appellant is not applicable in the facts of this case. In that case, certain instalments for payment of Income-ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave erred in law as well as on facts by holding that the assessee was not entitled to the deduction of the wealth-tax liability amounting to Rs. 52,427. These arguments of the assessee are controverted by the Deptl. Rep., who has relied on the order of the AAC. 5. We have given consideration to the above arguments. Sec.2(m) of the Act defines net wealth means the amount by which the aggregate va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aug, 1974, As such, it cannot be said, as held by the wealth-tax authorities, that the said amount of Rs. 52,427 was the wealth-tax liability outstanding against the assessee for more than 12 months on 31st Dec, 1974. sec.2 (m) (iii) of the Act is, therefore, not authorised in the present case. This view of ours finds support from the ratio of the decision of the Allahabad High Court relied upon b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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