CWT Vs. BAJORIA PROPERTIES (P) LTD.

JUDGEMENT

(1.) This is a wealth -tax matter and the only question which has come up for answer at the instance of the revenue, is as follows :

(2.) The undisputed facts of this case are as follows :

(3.) Before dealing with the respective contentions and submissions both on behalf of the revenue and on behalf of the assessee it is to be noted that companies were granted exemption from payment of wealth -tax under the Finance Act, 1983, the levy of wealth -tax was revived in the case of closely held companies which are those companies in which the public were not substantially interested. Such companies were brought under the cover of the wealth -tax in respect of net wealth of certain specified assets owned by such companies. All the assets owned by such companies were not subjected to wealth -tax but only net wealth of the specified assets which were invested in non -productive activities were subjected to such tax.