2002 (6) TMI 22

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... come in reference to this court raising the following question of law: "Whether, the amount paid as compulsory deposit under the Compulsory Deposit (Income-tax Payers) Scheme, 1974, is to be treated as exempt from wealth-tax?" In this case, the assessment years involved are the assessment years 1982-83 and 1983-84. The Wealth-tax Officer, in the course of the assessment proceedings, rejecte....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed, the Tribunal did not consider the alternative submission made by the assessee. On the aforesaid facts, the Tribunal has referred the above question for the opinion of this court. Heard Mr. Tanvish Bhatt, the learned standing counsel, appearing for the Revenue. None appears on behalf of the respondent though the notice was served. Mr. Tanvish Bhatt, the learned standing counsel has inv....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dgment itself a reference was made to the Finance (No. 2) Act, 1980. By virtue of this Act, section 7A was inserted in the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, with effect from April 1, 1975, which provides that for the purposes of exemption under section 5 of the Wealth-tax Act, 1957, the amount of compulsory deposit shall be deemed to be a deposit with a banking company to wh....