Sita Ram Singhania vs Commissioner Of Wealth-Tax
1989 Latest Caselaw 159 Del

Citation : 1989 Latest Caselaw 159 Del
Judgement Date : 11 March, 1989

Delhi High Court

Sita Ram Singhania vs Commissioner Of Wealth-Tax on 11 March, 1989

Equivalent citations: 1990 183 ITR 147 Delhi

Author: Kirpal

Bench: B Kirpal, C Chaudhary

JUDGMENT

Kirpal, J.

1. After hearing counsel for the parties and especially in view of the orders passed by this court on July 23, 1987, while disposing of Wealth-tax Case No. 112 of 1985 and Wealth-tax case No. 113 of 1985, we are of the opinion that a question of law does arise out of the order of the Tribunal and we direct the Tribunal to state the case and refer for the decision of this court the following question:

"Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in holding that the assessed's claim that the sum of Rs. 56,800 representing the balance standing to the credit of his compulsory deposit account as on the valuation date did not constitute a right to receive annuity and hence would not qualify for exclusion from liability to wealth-tax by not being regarded as an asset within the meaning of section 2(e)(2)(ii) of the Wealth-tax Act?"

2. The application is disposed of No. costs.