Law:

Section:

Section 2(ea) of the Wealth-tax Act, 1957 - Assets - Assessment years 1984-85 and 1985-86 - Whether section 2(e)(v) as it stood after amendment by the Finance Act, 1969 excluded any interest in property where interest is available to an assessee for a period not exceeding 6 years from date interest vests in assessee from the term 'assets' under Act - Held, yes - Wealth-tax Officer included value of route permits while determining taxable wealth of assessees - Whether since minimum period for which a route permit could be granted was three years and maximum period was five years under Motor Vehicles Act, 1939, it could not be said that assessees had interest of 6 years or more in route permit - Held, yes - Whether, therefore, Tribunal had rightly deleted addition made on that account - Held, yes CASE REVIEW CWT v. Smt. R.A. Muthukrishna Ammal [1969] 72 ITR 801 (SC) and F.S. Ghandhi v. CWT [1990] 184 ITR 34/51 Taxman 15 (SC) followed and relied upon. CASES REFERRED TO CWT v. Smt. R.A. Muthukrishna Ammal [1969] 72 ITR 801 (SC) (Para 3) and F.S. Gandhi v. CWT[1990] 184 ITR 34/51 Taxman 15 (SC) (Para 5). Shambhu Chopra for the Appellant. ORDER 1. The Income-tax Appellate Tribunal, Delhi has referred the following question of law under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act') for opinion to this Court: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in excluding the value of route permit from the assessable wealth of the assessee observing that the same did not fall within the definition of asset as defined in section 2(e)( v)?" 2. The reference relates to the assessment years 1984-85 and 1985-86. 3. Briefly, stated the facts giving rise to the present reference are as follows: The respondent-assessees who are two in numbers while filing their return of wealth for the assessment year 1984-85 has shown the only value of their buses and not of the route permits. The Wealth-tax Officer included the value of the route permits also while determining the taxable wealth which order was confirmed by the Appellate Assistant Commissioner in appeal. However, in further appeal, the Tribunal had…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492