1977 (1) TMI 6

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....s against the order of the Allahabad High Court whereby the High Court only partially allowed an application filed by the appellant under section 27(3) of the Wealth-tax Act. The assessee-respondent is a company and the matter relates to the wealth-tax assessment for the assessment years 1958-59 and 1959-60, the relevant valuation dates for which were 31st December, 1957, and 31st December, 195....

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....ncealed income of the assessee pertaining to the years 1939 to 1946 was assessed at Rs. 59,48,714. The assessee's liability for income-tax on account of the aforesaid concealed income was determined to be Rs. 18,61,788. The order on the settlement application was made on 30th November, 1960. Two questions amongst others were agitated before the wealth-tax authorities. One question was whether t....

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....the following question relating to the item of Rs. 59,48,714 to that court: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the amount of Rs. 59,48,714 from the assessment under the Wealth-tax Act? " The application of the appellant in respect of the question relating to Rs. 18,61,788 was rejected. We have heard Mr. Sen on behalf of the ....