1996 (12) TMI 40

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....learned standing counsel for the Revenue. At the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following questions relating to the following consecutive assessment years 1972-73 to 1975-76 for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the amoun....

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....rrect and whether the Income-tax Appellate Tribunal erred in law in not accepting the same ? 3. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in upholding the Appellate Assistant Commissioner's action in deleting an addition of Rs. 43,100 made by the Wealth-tax Officer to the assessee's wealth under section 4(1)(a) of the Wealth....

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.... April 1, 1972, the value of the said assets will not be included in the net wealth of the assessee. The question is squarely covered by the decisions in the cases of : (1) G. A. Parashuram v. CWT [1988] 171 ITR 41 (AP) and (2) CWT v. H. H. Bhawanisingh [1990] 181 ITR 458 (MP). In the case of G. A. Parashuram [1988] 171 ITR 41, the Andhra Pradesh High Court clearly held that once the amount was....