1973 (11) TMI 40

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.... 1,09,201 was liable to be included in the net wealth of the assessee on the valuation date (April 12, 1964) ? 3. Whether the valuation of gold could be taken at any value other than the rates fixed by the Gold Control Order?" The assessee, Col. H. H. Raja Sir Harinder Singh, Raja of Faridkot, was assessed on a net wealth of Rs. 85,21,827 for the assessment year 1964-65. This wealth included 12 vehicles valued at Rs. 25,000. Another part of the wealth was the amount of compensation paid for the acquisition of agricultural land amounting to Rs. 1,09,201, and the third amount on which there is dispute was his claim that the gold bullion held by him of which the market value has been assessed at Rs. 1,32,705 should have been valued at Rs....

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....situation, there could be but no other finding than the one given by the Tribunal that the assessee was entitled to the relief under section 5(1)(ix) of the Act. With regard to the second question, the matter is set at rest by two decisions of the Supreme Court in Pandit Lakshmi Kant Jha v. Commissioner of Wealth-tax and Ahmed G. H. Ariff v. Commissioner of Wealth-tax. In Pandit Lakshmi Kant Jha's case, their Lordships observed: " The word 'property' is a term of the widest import and, subject to any limitation which the context may require, it signifies every possible interest which a person can clearly hold and enjoy. The definition of the 'assets' as given in section 2(e), though not exhaustive, shows its wide amplitude and there i....

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.... it will make the working of the statute nugatory. Therefore, we are not impressed, with the contention raised by the learned counsel. So far as the third question is concerned, the contention of Mr. Puri, learned counsel for the assessee, is that the purchase or sale of gold, after the coming into force of the Gold Control Order under the Defence of India Rules, can only be with a permit. This is clear from rule 126-H of the Defence of India Rules, 1962. However, the Tribunal did not examine the effect of the Gold Control Order under the Defence of India Rules and the relevant provisions of the Defence of India Rules to determine whether the price which, according to the assessee, is the price at which gold can be legally sold, should d....