Warehouses as wealth-tax assets remained unsettled as the appellate order was quashed and the matter remitted.

The dispute concerned whether warehouses used in the assessee's warehousing business fell within "assets" under section 2(ea) of the Wealth-tax Act, 1957. As the related income-tax proceedings on the nature of warehousing receipts were already under reconsideration, the wealth-tax controversy was not finally decided on merits. By consent, the appellate order was quashed and the matter was remitted for fresh consideration in accordance with law.

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Issues: Whether warehouses used in the assessee's warehousing business fall within the definition of assets under section 2(ea) of the Wealth-tax Act, 1957.

Analysis: As the assessee's income-tax proceedings on the nature of warehousing receipts were already under reconsideration, the controversy in the wealth-tax appeals was not finally resolved on merits. By consent, the impugned appellate order was set aside and the matter was sent back for fresh consideration in accordance with law.

Outcome: The wealth-tax appeals were disposed of by quashing the impugned order and restoring the matter to the assessing officer for reconsideration.

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