LAWS(CAL)-1991-3-59

VEENA DEVI SINGHANIA Vs. COMMISSIONER OF WEALTH TAX

Decided On March 12, 1991
VEENA DEVI SINGHANIA Appellant
V/S
COMMISSIONER OF WEALTH-TAX Respondents

JUDGEMENT

(1.) In this reference under Section 27(1) of the Wealth-tax Act, 1957, the following questions of law have been referred to this court, for the assessment years 1978-79, 1979-80 and 1980-81, at the instance of the assessee : Common questions in R. A. No. 118(Cal) of 1987 and R. A. Nos. 119 and 134(Cal) of 1987 :

(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the compulsory deposit in the Compulsory Deposit Scheme (Income-tax Payers) Account under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, was to be taken into consideration in computing the net wealth of the assessee ?

(3.) The first common question is concluded by the decision of this court in Matter (Wealth-tax) No. 1158 of 1984 (Smt Vinita Devi Singhania v. CWT [1991] 191 ITR 233) where judgment was delivered on February 18, 1991. Following the said decision, the first common question in this reference is answered in the affirmative and in favour of the Revenue.