REGENT COMPUTRONICS PVT. LTD.

P.K. BANERJI Appellant

V/S

COMMISSIONER OF WEALTH-TAX Respondents

Referred Judgements :-

BIGNOLD V. GILES [REFERRED TO]
IN RE CASSEL [REFERRED TO]
HOPKIN AND WILLIAMS TRAVANCORE LTD. V. COMMISSIONER OF INCOME-TAX [REFERRED TO]
RAJKUMAR MILLS LTD. V. COMMISSIONER OF INCOME-TAX [REFERRED TO]
CHRISTIE V. LORD ADVOCATE [REFERRED TO]
NEW JEHANGIR VAKIL MILLS LTD. V. COMMISSIONER OF INCOME-TAX [REFERRED TO]
IN RE PUBLIC TRUSTEE V. INLAND REVENUE COMMISSIONERS,1950 CH. 467 [REFERRED TO]
ZORASTER AND CO VS. COMMISSIONER OF INCOME TAX DELHI AJMER RAJASTHAN AND MADHYA BHARAT NOW MADHYA PRADESH [REFERRED TO]
PETLAD TURKEY RED DYE WORKS COMPANY LIMITED VS. COMMISSIONER OF INCOME TAX BOMBAY NORTH AHMEDABAD [REFERRED TO]
COMMISSIONER OF INCOME TAX MADRAS VS. M GANAPATHI MUDALIAR [REFERRED TO]
KESHAV MILLS CO LIMITED PETLAD VS. COMMISSIONER OF INCOME TAX BOMBAY NORTH AHMEDABAD [REFERRED TO]
COMMISSIONER OF WEALTH TAX VS. ARUNDHATI BALKRISHNA MRS [REFERRED TO]
COMMISSIONER OF WEALTH TAX VS. NAWAB FAREED NAWAZ JUNG [REFERRED TO]
AHMED G H ARIFF VS. COMMISSIONER OF WEALTH TAX [REFERRED TO]
COMMISSIONER OF WEALTH TAX VS. DOROTHY MARTIN [REFERRED TO]
SIR SUNDAR SINGH MAJITHIA VS. COMMISSIONER OF INCOME-TAX [REFERRED TO]
HASSAN KASSAM VS. COMMISSIONER OF INCOME TAX [REFERRED TO]
COMMISSIONER OF WEALTH TAX VS. GAYATRI DEVI OF JAIPUR HER HIGHNESS MAHARANI [REFERRED TO]

JUDGEMENT

(1.) THE Appellate Tribunal, constituted under the Wealth-tax Act, has referred the following question :

(2.) THE assessee is Pranab Kumar Banerji, son of late Shri Pearey Lal Banerji, and the reference relates to the assessment years 1957-58 to 1961-62.

(3.) IN assessment proceedings under the Wealth-tax Act, the Wealth-tax Officer treated the entire corpus of the trust estate as representing the assets of the assessee and rejected the contention that the assessee was entitled to receive an annuity only. The assessee appealed, and the appeal was dismissed by the Assistant Commissioner of Wealth-tax. The assessee then appealed to the Appellate Tribunal. The Appellate Tribunal accepted the contention of the assessee that he had no right to the corpus of the trust fund and that the Imperial Bank remained trustee of all the corpus. But the Appellate Tribunal rejected the assessee's contention that in respect of the income received by him from the trust fund he was entitled to exemption under Section 2(e)(iv) of the Wealth-tax Act. in the result, the Appellate Tribunal directed the Wealth-tax Officer to modify the assessments by valuing the life interest of the assessee according to recognised principles of valuation. And now this reference.

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P K BANERJI Vs. COMMISSIONER OF WEALTH TAX

Referred Judgements :-

JUDGEMENT

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