Cwt vs Sir Shankar Lall Foundation
2001 Latest Caselaw 319 Del

ORDER

Arijit Pasayat, C.J.

Heard.

2. On being moved by the revenue, the Tribunal, Delhi Bench A, has referred the following questions for opinion of this court under section 27(1) of the Wealth Tax Act, 1957 (hereinafter referred to as the Act) :

2. On being moved by the revenue, the Tribunal, Delhi Bench A, has referred the following questions for opinion of this court under section 27(1) of the Wealth Tax Act, 1957 (hereinafter referred to as the Act) :

"1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that Usha Sales Ltd., is not an excluded concern in respect of the two assessment years 1973-74 and 1974-75 ?

2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the entire assets of the assessed are not liable to wealth-tax under section 21A of the Wealth Tax Act, 1957 and in confirming the finding of the Commissioner that the assessed was liable to wealth-tax only in respect of the value of 400 shares held by it in the MMLSR as on the two valuation dates relevant for the assessment years 1973-74 and 1974-75 ?"

3. It is to be noted that the Tribunal for its conclusion relied upon the view expressed by it in the cases of Sir Shri Ram Foundation and Charat Ram Foundation. The said references under section 256(1) of the Income Tax Act, 1961 were dealt with by this court in Income Tax Reference Nos. 307-308 of 1978 disposed of on 16-2-2001. The reasonings indicated in the said cases have full application to the facts of the present case. That being the position, both the questions referred are answered in the affirmative, in favor of the assessed and against the revenue.

3. It is to be noted that the Tribunal for its conclusion relied upon the view expressed by it in the cases of Sir Shri Ram Foundation and Charat Ram Foundation. The said references under section 256(1) of the Income Tax Act, 1961 were dealt with by this court in Income Tax Reference Nos. 307-308 of 1978 disposed of on 16-2-2001. The reasonings indicated in the said cases have full application to the facts of the present case. That being the position, both the questions referred are answered in the affirmative, in favor of the assessed and against the revenue.

4. The references are disposed of accordingly.

4. The references are disposed of accordingly.