2007 (1) TMI 160

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....nce arises at the instance of the assessee under the Wealth-tax Act, 1957. This relates to the assessment year 1990-91. The question of law raised is as follows: "Whether on the facts and in the circumstances of the case the Appellate Tribunal is right in holding that the amount of Rs. 43,25,266 received from the Coffee Board forms part of taxable net wealth of the applicant or not?" It is s....

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....nce of the assessee, the present reference is made to this court. Learned counsel appearing for the assessee submitted that the amount returned to the assessee was kept in trust and that considering the undertaking by the assessee to refund the sum to the Coffee Board in the event of decision against the Coffee Board in the appeal before the Supreme Court, the property thus loaded with a condit....

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....mnity thus given does not in any way take the amount received by the assessee outside the scope of liability. We agree with the submission made by learned counsel for the Revenue. It is seen from the order passed by the Tribunal in the proceedings relating to the Income-tax Act that the liability at the hands of the assessee had been confirmed as regards the interest earned on the amount receiv....