1981 (1) TMI 128

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r which the relevant valuation date is 31st Dec, 1974.2. The assessee in the year under consideration on 18th July, 1974 voluntarily filed his wealth-tax return under s. 18B of the Act for the asst. yrs. 1966-67 to 1973-74. Pursuant thereto, the WTO made the assessments for these years on 27th July, 1974. The Demand Notices were served on the assessee -HUF only on 5th Aug, 1974 as detailed below :....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on date. The order of assessment merely quantify the amount. But the liability arises as early as on the valuation date itself. Therefore, the WTO's observation that liability was outstanding for more than 12 months in respect of assessment years upto asst. yr. 1973-74 is correct in law. The decision of Allahabad High Court referred to by the learned counsel of the appellant is not applicable in t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Allahabad High Court in (1970) 77 ITR 583 (All), urged that the tax authorities have erred in law as well as on facts by holding that the assessee was not entitled to the deduction of the wealth-tax liability amounting to Rs. 52,427. These arguments of the assessee are controverted by the Deptl. Rep., who has relied on the order of the AAC. 5. We have given consideration to the above arguments....