Cwt vs Brig. Kapil Mohan
2001 Latest Caselaw 812 Del

JUDGMENT

Heard the learned counsel for the revenue.

2. At the instance of the revenue, following question has been referred under section 27(1) of the Wealth Tax Act, 1957 Income Tax Act for opinion of this court :

2. At the instance of the revenue, following question has been referred under section 27(1) of the Wealth Tax Act, 1957 Income Tax Act for opinion of this court :

"Whether, the Tribunal was correct in law and on facts in holding that the value of 63,676 shares of Mohan Meakins Breweries Ltd. is not includible in the net wealth of the assessed for the assessment year 1981-82 under the provisions of section 4(1A) of the Wealth Tax Act, 1957?"

The dispute relates to the assessment year 1981-82.

3. We had occasion to deal with the similar question in CWT/CIT v. Lt. Col. Kapil Mohan (WT Reference No. 275 of 1983 and IT Reference No. 314 of 1980). In view of the judgment in the said case, we direct that the modalities to be adopted in terms of that judgment will also be applicable to the present case.

3. We had occasion to deal with the similar question in CWT/CIT v. Lt. Col. Kapil Mohan (WT Reference No. 275 of 1983 and IT Reference No. 314 of 1980). In view of the judgment in the said case, we direct that the modalities to be adopted in terms of that judgment will also be applicable to the present case.

4. This reference is disposed of accordingly.

4. This reference is disposed of accordingly.