SHYAM PRAKASH Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) The Income-tax Appellate Tribunal, Allahabad has referred the following questions of law under Section 27(3) of the Wealth-tax Act, 1957, hereinafter referred to as the Act for opinion to this Court:

(2.) Whether the Tribunal was legally correct in not considering the issue of deduction of value of house property under Section 5(1)(iv) where issue was specifically raised? 2. The Reference relates to the assessment years 1974-75 to 1977-78.

(3.) Briefly stated the facts giving rise to the present Reference are as follows: The applicant has been assessed under the Act as an individual. The relevant valuation date was 31st March. Originally, the assessments were framed taking the net wealth at Rs. 2,00,000 for the assessment year 1974-75 and Rs. 2,50,000 for the assessment years 1975-76 to 1977-78. These assessments were set aside by the Appellate Assistant Commissioner to be framed afresh. The Assessing Authority, thereafter issued notice under Section 16(2) of the Act in response to which the applicant's counsel attended. However, no details were furnished and, therefore, the Wealth-tax Officer repeated the original assessment in all the four years. Feeling aggrieved the applicant preferred separate appeals before the Appellate Assistant Commissioner who has upheld the order of the Assessing Authority on the following grounds : Originally, the assessments were framed taking the net wealth at Rs. 2,00,000 for assessment year 1974-75 and Rs. 2,50,000 for assessment years, 1975-76, 1976-77 and 1977-78 each. These assessments were, however, set aside by the AAC to frame the assessments afresh. After giving opportunity to the appellant, the WTO has framed the assessment adopting the same figures of assessed wealth as originally determined by the WTO as the appellant failed to produce any details. Still feeling aggrieved the appellant preferred an appeal before the Tribunal which has upheld the order of the Appellate Assistant Commissioner.