1992 (4) TMI 33

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-tax Act, 1957 (hereinafter referred to as the "Act"), relate to the assessment years 1972-73, 1973-74, 1974-75 and 1975-76. The only question of law which has fallen for our consideration is as follows : " Whether, on the facts and circumstances of the case, the intangible additions made in income-tax proceedings could be treated as the assets of the assessee for the purpose of wealth-tax a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lable with the assessee on the respective valuation dates. Aggrieved by the order of the Wealth-tax Officer, the assessee preferred an appeal before the Appellate Assistant Commissioner but could not get any relief. Accordingly, he preferred a second appeal to the Tribunal. The Tribunal, following its earlier order for the assessment years 1968-69 to 1971-72, deleted the addition.This court, pu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....elating to the assessment year 1976-77, which is reported in CIT v. Mishrilal Jain [1990] 182 ITR 230. Following these decisions, we respectfully agree with the view taken therein and answer the question referred to this court in the affirmative and against the assessee. Before parting with the judgment, we may notice here that Mr. K. N. Jain, appearing for the assessee, has submitted that the ....