Law: Wealth Tax Act, (XV of 1963)

Section: 5

(a) Wealth Tax Act (XV of 1963)- S. 5-Wealth tax--Jewellery-Rebate--Every assessee who owns other gold ornament or other type of jewellery, held, was entitled to certain rebate when value thereof was determined for purpose of pay­ment of such tax---Factors of impurities (KHOT) wastage arid making charges are to be kept into consideration and consequently value is reduced accordingly-When ornaments are studded with false stone, weight thereof is reduced for purpose of determining value thereof--­Percentage of such rebate would depend on facts and circumstances prevailing in each case. (b) Wealth Tax Act (XV of 1963)- -- S. 5-Wealth tax-Jewellery-Rebate--Assessee citing for fast time before tribunal parallel cases decided by various Commissioners of Income Tax without giving any notice in advance to Departmental Representative--Cognizance of cases refused by Tribunal-Held, it law enjoins upon a Wealth Tax Officer to provide an adequate oppor­tunity to an assessee to meet parallel case on which he wants to rely, same rule should be followed when parallel cases are sought to be relied upon by assessee for first time before Tribunal particularly when they had never been cited before at any forum, so that Departmental Representative should not be taken by surprise and be able to present department's view though other parallel cases. (c) Wealth Tax Act (XV of 1961 --- S. 5-Wealth tax--Jewellery-False stone--Claim for rebate­ Presumption-Neither any material produced at any stage to show that rebate for false stone was ever allowed to assessee by wealth tax authorities nor any evidence available to show that jewellery possessed by him was studded in fact with artificial stones-Assessee failing to provide all details despite notice served on her by Wealth Tax Officer---No presumption, held, could be drawn that every ornament or jewellery was always studed with false stone-Order of Commissioner of Income-tax allowing 10% rebate not only on account of impurities but also for false stone instead of allowing 25 % rebate on impurities as claimed by assessee, maintained. ORDER FARHAT Ali KHAN (MEMBER).-These two appeals are directed against the consolidated order of learned…

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