JAGMOHAN JOSHI Vs. WEALTH TAX OFFICER

JUDGEMENT

(1.) WE have heard learned Counsel for the appellant at some length. The appellant -assessee has stated in his appeal that the following substantial questions of law arise for consideration in this appeal :

(2.) SO far as question Nos. 1 and 3 are concerned, we are of the opinion that they do not raise any substantial question of law inasmuch as it does not give rise to any ground against the assessment of the wealth -tax and no prejudice has been caused to the appellant. It was wholly irrelevant to be examined by the appellate authority. At best it could be a curable defect and, therefore, would not give any rise to any substantial question of law.

(3.) SO far as the question Nos. 2, 4, 5, 6 and 7 are concerned, we are of the opinion that they are premature at this stage. The Tribunal has not determined the valuation of assets of the firm in question which is stated to be Hotel Joshi, which according to the assessee is an asset of the partner of the firm. The Tribunal has given a direction that the net wealth of the assessee has to be determined on each successive valuation date as per Sch. III attached to the WT Act. However, the Tribunal further recorded that neither the assessee has chosen to file the return nor the AO's record of the assessment shows that assessment has been made for each successive year by applying Sch. III on each valuation date, which cannot be sustained. With these findings, the matter has been remitted back to the AO for determining valuation of the assets in question as per the Sch. III on each successive valuation date or the directions given by CWT(A). Thus, it is open for the assessee to raise all the questions about the applicability and the manner of determination of the valuation of the assets in question in terms of the Sch. III before the AO. It is only after the findings are recorded by the AO and reached final stage by the Revenue authorities that the question may arise in respect of the interpretation of s. (sic -Sch.) III.