TaxTMI 
TaxTMI 
1983 (1) TMI 117
X X X X Extracts X X X X
X X X X Extracts X X X X
....ommon order. 2. The departmental appeals are against the directions given by the AAC that the WTO should revalue the property by applying the provisions of r. 1-BB. We find that the directions given by the AAC are in conformity with the decision of the Special Bench of the Tribunal in the case of Shri Biju Patnaik. Therefore, we would uphold his orders and dismiss the departmental appeals. 3. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e, 1977 should be followed. The AAC accepted the alternative submission and directed the WTO to grant the deduction as per the circular dt. 28th June, 1977. 4. The assessee is on further appeal before Shri Butani, ld. counsel for the assessee, submitted that the assessee would be entitled to the full deduction and the fact that the property would be considered for exemption u/s 5(1)(iv) is not r....
X X X X Extracts X X X X
X X X X Extracts X X X X
....puted under section 2(m) in accordance with the provisions of the Act, that in turn makes it abundantly clear that not only those items which are excluded under section 2(e) defining the expression "assets" go out of the computation but also all those assets, as are enumerated in various clauses of sub-section (1) of section 5, go out of the computation. The provisions of section 5(1) are clear. T....