1979 (8) TMI 67

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....SINGH J.-- At the instance of the Commissioner of Wealth-tax, Kanpur, the Tribunal has referred the following question for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the amount of Rs. 59,48,714 from the assessment under the Wealth-tax Act ? " The assessment years involved in this reference are 1958-59 and 1959-60. The In....

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.... of stock 10,85,522 ------------------- 59,74,714 ------------------- The assessee in terms of the settlement arrived at under s. 34(1B) of the I.T. Act, 1922, paid tax on these amounts. For the assessment years in question, the WTO sought to include this amount in the total wealth of the assessee. The assessee's contention was that this amount was not available to it during the releva....

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....rm of assets on the relevant valuation dates. Counsel for the department urged that as the assessee had not produced the report of the Investigation Commission before the AAC, which would have thrown light on the question as to whether the amount remained with the assessee-company or was taken away by its directors or employees the amount in question should be taxed in the hands of the assessee, a....

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....a question of fact. The Tribunal has given a categorical finding that the amount was not available with the assessee on the valuation date. It is worthwhile noticing that the secreted income for the period 1939 to 1946 has to be included in the total wealth of the assessee for the assessment years 1958-59 and 1959-60. As considerable time has elapsed, there cannot be any presumption that the amoun....