COMMISSIONER OF WEALTH TAX, DELHI & RAJASTHAN vs GANGANAGAR — 1972 PTD 349

Citation: 1972 PTD 349

Court: Rajasthan High Court

Year: 1971

Decision Date: 1971-12-31

Parties: COMMISSIONER OF WEALTH TAX, DELHI & RAJASTHAN vs GANGANAGAR JUDGMENT

Headnotes

Case cited as 1972 PTD 349

Judgment Text

Court Name: Rajasthan High Court Judge(s): D. M. Bhandari, V. P. Tyagi Title:COMMISSIONER OF WEALTH TAX, DELHI & RAJASTHAN vs GANGANAGAR JUDGMENT Reported As: 1972 PTD 349 Result: N/A Judgment JUDGMENT BHANDARI, C. J.----This is a reference under section 27(1) of the Wealth Tax Act, 1957 (Act No. XXVII of 1957) (hereinafter called the Act), by the Income-tax Appellate Tribunal, Delhi Bench "A" (hereinafter called the Tribunal), referring the follow--ing question to this Court for opinion: "Whether, in the facts and circumstances of the case, adjustment for depreciation due under the Income-tax Act for the preceding years but not debited to the block account in the balance-sheet is in law justified for computing the net wealth of the assessee ?" This reference relates to the assessm ent years 1957-58, 1958-59 and 1959-60. The statement of the case submitted by the Tribunal shows that the assessee is a limited company carrying on the business of manufacture of sugar. For its business, accounts are maintained by the assessee regularly. In accordance with the provisions of section 7(2) of the Act, the Wealth Tax Officer determined the net value of the wealth as a whole, having regard to the balance-sheet of the business as on the valuation date It was claimed by the assessee that adjust--ment be made in respect of depreciation on the fixed assets. It was pointed out that all along up to the year ending on June 30, 1956, the assets of the business were shown in the…

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