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1983 (11) TMI 23
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....ce petition seeks a direction from this court to refer the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the reassessment proceedings initiated under section 17(1)(b) of the Wealth-tax Act, 1957, are valid in law ? " The assessee in this case filed his wealth-tax return allowing a net wealth Rs. 10,54,342 and deducted therefr....
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....s. 2(m)(ii), and (2) that the income-tax refund of Rs. 9,202 should be included in the net wealth. It also pointed out that the assessee was a resident, but not ordinarily resident, and he was not entitled to 50 per cent. reduction of the tax, as if he was a non-resident, following the procedure adopted for the year 1974-75, during which the assessee was in fact a non-resident. Taking note of the ....
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....ch is available only to non-resident, by the WTO. Further, the loan taken from the Life Insurance Corporation, which is an exempted item of asset, has, according to the audit report, wrongly been treated as a debt deductible. Similarly, the debt that has accrued to the assessee has not been treated as an asset and included in the net wealth. The factual position has been pointed out by the audit r....