1990 (6) TMI 11

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... law posed herein relates to the assessment years 1974-75 and 1975-76. The relevant valuation dates are March 31, 1974 and March 31, 1975. The respondent is the Revenue. The assessee returned a net wealth of Rs. 5,28,800 and Rs. 3,86,058, respectively, for the assessment years 1974-75 and 1975-76. The assessee is a partner in M/s. Varkey Jacob and Co. with 3/5ths share. The firm had taken on lease a rubber estate. The estate was acquired by the State of Kerala under the Land Acquisition Act. The Wealth-tax Officer found that an amount of Rs. 9,25,000 was awarded to the firm towards compensation for surrendering their leasehold right in the estate. The firm had not accepted the award. It had initiated proceedings claiming additional compensa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....unal, while upholding the order of the Appellate Assistant Commissioner, held that in case of any variation by the High Court regarding the additional compensation granted, it is open to the assessee to approach the Wealth-tax Officer for suitable modification in the original assessments on the basis of the judgment of the final court. On the merits, it was held that the Wealth-tax Officer was justified in reckoning the additional amount claimed by way of compensation in determining the total assets. It is thereafter at the instance of the assessee that the question of law formulated hereinabove has been referred for the decision of this court. We heard counsel. In the light of the decision of the Supreme Court in CIT v. Hindustan Housin....