TaxTMI 
TaxTMI 
1971 (11) TMI 3
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....ear for the purpose of income-tax from ending on the 31st March, 1957, to end on the 30th June, 1957, and by reason of such change of the previous year, no wealth-tax assessment could be made for the assessment year 1957-58 ; such an assessment in respect of the new valuation date could only be made in the assessment year 1958-59. The Wealth-tax Officer refused to accept the assessee's contention and made the wealth-tax assessment. On appeal, the Appellate Assistant Commissioner, agreeing with the assessee, annulled the assessment. He held that since there was no previous year for income-tax assessment which was relevant to the assessment year 1957-58, there was no valuation date which could be relevant for the wealth-tax purpose also for t....
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.... the Wealth-tax Act, 1957, the Tribunal was right in holding that no assessment could be made under the Wealth-tax Act on the assessee for the assessment year 1957-58 ? " N. D. Karkhanis, Senior Advocate (R. N. Sachthey, Advocate, with him), for the appellant. B. Sen, Senior Advocate (Mrs. Leela Guha, O. P. Khaitan and E. P. Maheshwari, Advocates, with him), for the respondent. [By its judgment dated May 2, 1968, the Calcutta High Court answered the question in the affirmative. See [1958] 69 I.T.R. 534. The Commissioner appealed to the Supreme Court.] JUDGMENT The judgment of the court was delivered by HEGDE J.--This appeal arises from a reference under section 27 of the Wealth-tax Act, 1957, to be hereinafter referred to as " th....
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....ought after obtaining a certificate from the High Court. But, that certificate was found to be defective as the High Court had not given any reasons in support of the certificate. Thereafter, the department obtained special leave from this court and filed Civil Appeal No. 1781 of 1971. Valuation date, as defined in the Act, at the relevant time, in section 2(q), reads : " 'Valuation date', in relation to any year for which an assessment is to be made under this Act, means the last day of the previous year as defined in clause (11) of section 2 of the Income-tax Act if an assessment were to be made under that Act for that year : . . " The expression " previous year " as defined in section 2(11) of the Indian Income-tax Act, 1922, reads....