1982 (8) TMI 68

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....ue of such gifted land on the five valuation dates in the wealth-tax returns filed as required by section 4(1)(a) of the Wealth-tax Act, 1957 ('the Act'). However, in the course of the assessment proceedings, it was claimed that the value of gifted property as on the date of transfer should only be included in the five wealth-tax assessments. The WTO rejected the claim by observing that value of the transferred asset, whether it is held in its original form or in any other form, was includible in the net wealth as on the valuation date under the provisions of the Act. The assessee went in appeal to the AAC who taking note of the Bombay High Court decision in Kishanlal's case accepted the assessee's contention and held that the value which t....

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....ead note which have been taken out of context while preparing the head note. To highlight our point, we quote : ". . .The words 'such assets' really indicate and pinpoint the specific assets which have been transferred. That such was the intention is made very clear by the latter part of this section because it says 'whether the assets referred to in any of the sub-clauses aforesaid are held in the form in which they were transferred or otherwise'. The object of this latter part of the section is that regard is to be had to the valuation of the original assets irrespective of the fact whether the original assets are retained in the form in which they are transferred or they are converted into different types of sets. In either case, it i....