TaxTMI 
TaxTMI 
1981 (4) TMI 15
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....iso to section 5(1A) of the Wealth-tax Act, 1957 ? (2) On the facts and in the circumstances of the assessee's Case, whether the Tribunal was right in holding that the order passed under section 35 of the Wealth-tax Act, 1957, was legal ? " In so far as, in our opinion, a question of law does arise out of tile aforesaid order of the Tribunal, we proceed to draw up a statement of the case, agreed to by the parties. 2. The WTO had proceeded to pass an order under section 35 of the W.T. Act, 1957, in view of the fact that in the original assessment order certain mistakes had crept in, in so far as the deduction under s. 5(1A) had been given in excess by Rs. 77,250, for the assessment year 1973-74. The WTO mentioned in the order that t....
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....p; Rs. (1) Investments referred to in section 5(1)(xvi) 1,34,397 (2) Central and State Govt. securities referred to in section 5(1)(xxii) 99,779 &n....
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.... -------- 6,47,298 &nbs....
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....f both the appeals for the assessment years 1972-73 and 1973-74 by a common order. It was contended before the Tribunal that the exemption under s. 5(1)(xv) and 5(l)(xvi) was in addition to the total exemption of Rs. 1,50,000 provided for in s. 5(1A) and this addition is without limit. The Tribunal told the learned counsel for the assessee that they have taken a contrary view in WTA Nos. 20 and 21/ Bang/1975-76 dated 26th August, 1976, in the case of B. S. Ganapale. In spite of that order, the counsel was heard at length, but the Tribunal could not be prevailed upon to change its earlier view, because, on a plain reading of the proviso to s. 5(1A), it was clear that, if the assets referred to in the proviso, which are included in the total ....
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.... in these two cases is the same and the question referred is also common. The matters relate to the assessment year 1972-73 and 1973-74 and are in relation to wealth-tax assessment. The WTO rectified the assessment by having recourse to s. 35 on the ground that in making the deduction under s. 5(1A) of the W.T. Act, excess deduction had been given in a sum of Rs 87,250 and Rs. 77,250 in the two years respectively. This action was challenged in appeal before the AAC as well as the Tribunal but without success. At the instance of the assessee, the reference has been made. The Tribunal has referred the following common question : " On the facts and in the circumstances of the assessee's case, whether the Tribunal was right in its interpr....