Law:

Section:

Section 17(b) of the Wealth-tax Act, 1957 - Reassessment - Assessment years 1957-58 to 1960-61 - Whether word 'information' occurring in section 17(1)(b) covers information as to relevant judicial decision - Held, yes - Whether, therefore, WTO was justified in reopening assessment when he learnt of decision of Tribunal in a particular case - Held, yes Section 2(m) of the Wealth-tax Act, 1957 - New wealth - Assessment years 1957-58 to 1960-61 - Assessee's Jagir was resumed and he became entitled to receive compensation from date of resumption - Compensation amount was, however, made payable in instalments - There was also provision for payment of interest on compensation sum from date of resumption till date of payment - Whether amount of compensation instalments was debt owed to assessee by reason of a present obligation and was, therefore, an asset - Held, yes FACTS The assessee is an ex-jagirdar of the former Gwalior State. His jagir estate was abolished by the Madhya Bharat Abolition of Jagirs Act, 1951. The jagir stood resumed as from 4-12-1952, on which date a notification under section 3 of the Jagirs Act was published for the resumption of all jagir lands in the quondam State of Gwalior. On the resumption of his jagir, the assessee became entitled to receive compensation under section 8(1) of the Jagirs Act. The compensation amount became payable to the assessee with interest at a certain rate from the date of resumption till the date of payment. The WTO did not include in the computation of the assessee's net wealth on the relevant valuation date of each assessment year, the amount of compensation instalments which had not become due on the valuation date. Subsequently, he noticed a decision of the Allahabad Bench of the Appellate Tribunal in the case of Wealth-tax assessment of an ex-jagirdar of Rewa, whose jagir had also been resumed under the Vindhya Pradesh Abolition of Jagirs and Land Reforms Act, 1952. The Allahabad Tribunal took the view that the entire compensation amount which became payable to the ex-jagirdar for resumption of his jagir was "an asset in the hands of the assessee and not only the instalments already received but also to be…

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