S N AGRAWAL Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) In the Wealth Tax Reference No. 121 of 1987 which relates to the assessment years 1978-79, 1979-80 and 1980-81, the Income Tax Appellate Tribunal. Delhi has referred the following question of law under Section 27(1) of the Wealth Tax Act, 1957 (hereinafter referred to as "the Act") for opinion to this Court:" Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the amounts under the Compulsory Deposit Scheme (Income Tax Payers) Act, 1974 constituted an asset within the meaning of Section 2(e) of Wealth Tax Act and were includible in the net wealth of the assessee for assessment to wealth tax?"

(2.) In the Wealth Tax Reference No. 127 of 1987 which relates to the assessment years 1979-80 and 1980-81, the Income Tax Appellate Tribunal, Delhi has referred the following question of law under Section 27(1) of the Wealth Tax Act, 1957 (hereinafter referred to as "the Act") for opinion to this Court:" Whether the Tribunal was right in holding that the amounts standing to the credit of the assessee in deposit account under the Compulsory Deposit Scheme (Income Tax Prayers) Act, 1974 constituted an asset within the meaning of Section 2(e) of the Wealth Tax Act and the same were includible in the net wealth of the assessee?"

(3.) In the Wealth Tax Reference No. 231 of 1987 which relates to the assessment years 1981-82 and 1982-83, the Income Tax Appellate Tribunal, Delhi has referred to the following question of law under Section 27(1) of the wealth Tax Act, 1957 (hereinafter referred to as "the Act") for opinion to this Court: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the amounts of Rs. 5,93,833/- and Rs. 8,08,094/- standing to the credit pf the assessee in deposits under the Compulsory Deposit Scheme (Income Tax Payers) Act, 1974 were includible in his net wealth for the assessment years in question?"