1991 (7) TMI 51

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....-The common questions referred for our opinion read : "1. Whether, on the facts and in the circumstances of the case,the tea bushes cannot be characterised as growing crops ? 2. Whether, on the facts and in the circumstances of the case, the rubber trees are not exempt from wealth-tax under section 5(1)(viiia) of the Wealth-tax Act ?" The years of assessment are 1973-74, 1974-75 and 1975....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion in the case of tea bushes is whether the "two leaves and bud" plucked and treated as the raw material for producing black tea can be treated as growing crop. That the assessing authority itself has taken such a view is clear from the decision in E. K Joseph, E. K Mathew and Bros v. CWT [1985] 155 ITR 507 (Ker). We may, in this connection, refer to the finding of the assessing authority which r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssessing authority has treated the value of the tea bushes as a whole as forming part of the net wealth and, consequently, the claim for exemption was rejected. The order rejecting the claim, under the circumstances, is not sustainable. But, in the case of rubber plants, we cannot accept the argument of learned counsel for the assessee that the value of the latex that is produced from the plant sh....