TaxTMI 
TaxTMI 
TaxTMI 
1958 (8) TMI 47
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.... correct statement of the petitioner's assets and liabilities as on 31st March, 1957, being the relevant valuation date for the purpose of the Wealth Tax Act. The petitioner submitted its return. On the 31st March, 1957 the assessment order was made by the Wealth Tax Officer, Companies District 1, Calcutta. A copy of the assessment order is annexed to the petition and marked 'B'. On the 7th of March, 1958 the Wealth Tax Officer issued a notice of demand under Section 30 of the Wealth Tax Act, a copy whereof is annexure 'C' to the petition. Notice was given that for the assessment year 1957-58, a sum of ₹ 1,51,790-92 N. P. had been assessed as Wealth Tax and the amount was payable on or before the 18th March. It was....
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....ion has to be made to the Wealth Tax Officer for stay. The particular provision under which the application is made is Section 31(3), which states that notwithstanding anything contained in Section 31, where an assessee has presented an appeal under Section 23, the Wealth Tax Officer may in his discretion treat the assessee as not being in default as long as such appeal was undisposed of. Therefore, the application before the Commissioner was not in order; the proper application that is contemplated under the Act is to the Wealth Tax Officer and such application was made and has been rejected. There is no doubt that the power to stay or not, granted under Section 31(3) is a matter of discretion. In a Divisional Bench judgment of this Court ....
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...., it would be a very bold Income Tax Officer who could hold that the asscssees were still defaulters. The matter however, is in his discretion having regard to the circumstances of the case." 3. In my opinion, the law has been rightly laid down by Das Gupta, J., and there can be no doubt that the matter is one of discretion to be exercised judicially. A judicial exercise of discretion involves a consideration of the facts and circumstances of the case in all its aspects. The difficulties involved in the issues raised in the case and the prospects of the appeal being successful is one such aspect. The position and economic circumstances of the assessee is another. If the officer feels that the stay would put the realisation of the amou....