COMMISSIONER OF WEALTH TAX Vs. VIDUR V PATEL

JUDGEMENT

(1.) BY this reference under S. 27(1) of the WT Act, 1957, the Tribunal has referred the following questions of law to this Court for opinion at the instance of the Revenue :

(2.) THE first question is covered by the decision of the Supreme Court in the case of Bharat Hari Singhania vs. CIT (1994) 118 CTR (SC) 125 : (1994) 207 ITR 1 (SC). Following the same, it is answered in the negative and in favour of the Revenue.

(3.) THE controversy in this case revolves round the interpretation of the expression "assets" which has been defined in cl. (e) of S. 2 of the WT Act, 1957. The question is whether the amount standing to the credit of the assessee in the compulsory deposit scheme account is an "asset" within the meaning of the said clause or not. Clause (e) of S. 2 of the Act, so far as relevant, as applicable to the asst. yrs. 1970 71 to 1972 73, read as follows :