HARESH ANITHA TRUST Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THE question which has been referred to this court under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), is as follows :

(2.) THE assessee is a private trust constituted under a settlement deed dated December 16, 1974. For the assessment year 1975-76, as on the relevant valuation date March 31, 1975, the net wealth of the trust was determined at Rs. 71,700. THE Wealth-tax Officer levied wealth-tax at the rate of 1.5% on the taxable wealth and assessed the tax payable at Rs. 1,076.

(3.) IN the case of an individual or Hindu undivided family, the rates were prescribed in Paragraph A of Part I of the Schedule. The relevant part of Paragraph A reads as follows :