2003 (12) TMI 3

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....on referred is, "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the immovable properties held as business assets cannot form part of the subject matter of wealth-tax?" The assessment years are 1984-85 to 1988-89? The assets referred to in the question are admittedly assets which fall within the scope of section 40(3) of the Fin....

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....bsequently, this court in the case of CWT v. Vummidi Bangaru Chetty (P.) Ltd. [2002] 254 ITR 332, held that the value of filigree silver and silverware, held by the assessee therein as stock in trade was assessable to wealth-tax for the assessment years 1984-85 to 1988-89. More recently, this court in the case of CWT v. Reliance Motor Co. Ltd. [2003] 260 ITR 571, held that for the assessment year ....

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....523. With respect, we are unable to subscribe to the view taken in that case of Jodhan [2003] 259 ITR 79 (Raj) wherein it was held that the value of the cinema house could not be included in the net wealth of the assessee even prior to April 1, 1989, even though "cinema house" was specifically included in the exempted class of building only after the amendment effected by the Finance Act, 1988. ....

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.... assessee's counsel placed reliance does not support the view that in all cases of unintended hardship the later amendment should be regarded as forming part of the originally enacted law. In that case the court while considering section 43B of the Act and the amendment effected thereto by the Finance Act, 1987, which inter alia inserted a new proviso as also an Explanation held that as the Explan....