CWT Vs. MEENAKSHI MAHAJAN

JUDGEMENT

(1.) The Income Tax Appellate Tribunal 'B' Delhi Bench, New Delhi has referred, for opinion of this Court, the following question of law, under Section 27 of the Wealth Tax Act, 1957:

(2.) In the course of assessment for the assessment year 1976-77, the assessing officer added the assessee's share in cash incentive and duty drawback claims of the partnership to the net wealth of the assessee. On appeal, the contention of the assessee that the firm was maintaining its account on cash basis and assessee's share could not be included in the net wealth on accrual basis, was accepted. This view was upheld by the Tribunal.

(3.) In the affidavit dated 8-5-2002, filed by the assessee, in CM No. 9533 of 2002, the tax effect involved in the cases of four assessees is as under: <FRM>JUDGEMENT_202_LAWS(P&H)9_2008.htm</FRM>