COMMISSIONER OF WEALTH TAX Vs. SARALA DEVI

JUDGEMENT

(1.) THE question referred for our answer is as follows :

(2.) THE facts relate to wealth -tax assessment for the assessment years 1970 -71 up to 1976 -77, referring specifically valuation dates such as March 31, 1970, 1971, 1972, 1973, 1974, 1975 and 1976.

(3.) THE Department collected the amount of Income Tax dues stated above from and out of the total sale consideration of Rs. 6,20,000 and thereafter after showing the value of this property, illustratively Rs. 1,50,000 for the assessment years 1970 -71, 1971 -72 and 1972 -73 ; Rs. 2,25,000 for the assessment years 1973 -74 and 1974 -75 and lastly Rs. 3,00,000 for the assessment years 1975 -76 and 1976 -77, proceeded accordingly to include one -third of such valuation towards the wealth for the respective assessment years.