COMMISSIONER OF WEALTH TAX Vs. VIJAYKUNVERBA

JUDGEMENT

(1.) AT the instance of the Revenue, the following question of law arising out of an order passed by the Tribunal, Ahmedabad Bench 'B' has been referred to this Court under the provisions of s. 27(1) of the WT Act, 1957 (hereinafter referred to as 'the Act') :

(2.) LEARNED standing counsel Ms. Mauna Bhatt has appeared for the applicant-Revenue whereas nobody has appeared for the respondent though the respondent has been duly served with the notice of this Court.

(3.) SHE has drawn our attention to the order passed by the Tribunal. Before the Tribunal it was argued on behalf of the assessee that as the assessee was maintaining her books of accounts on cash basis, the amount which had not been received by the assessee could not have been included in the net wealth of the assessee. So as to substantiate the said argument on behalf of the assessee, judgment delivered in the case of CWT vs. Vysyaraju Badreenarayanamoorthy Raju (1971) 79 ITR 330 (Ori) was relied upon. On the other hand, it was submitted on behalf of the Revenue that the amount which was to be paid by the IT Department as well as by the lessee to the assessee would be assets of the assessee and, therefore, the said amount should have been included in the net wealth of the assessee. It has been therefore submitted on behalf of the Revenue before the Tribunal that the CWT had rightly given direction under the provisions for s. 25 (2) of the Act to include the said amount in the net wealth of the assessee. On behalf of the Revenue, judgment delivered in the case of Dipti Kumar Basu vs. CWT (1976) 105 ITR 450 (Cal) had been relied upon.