TUBE INVESTMENTS OF INDIA LTD. vs COMMISSIONER OF WEALTH TAX, MADRAS — 1971 PTD 1069

Citation: 1971 PTD 1069

Court: Madras High Court

Year: 1968

Decision Date: 1968-07-29

Parties: TUBE INVESTMENTS OF INDIA LTD. vs COMMISSIONER OF WEALTH TAX, MADRAS

Headnotes

Case cited as 1971 PTD 1069

Judgment Text

Court Name: Madras High Court Judge(s): K. Veeraswa mi, Ramaprasada Rao Title: TUBE INVESTMENTS OF INDIA LTD. vs COMMISSIONER OF WEALTH TAX, MADRAS Case No.: Cases Nos. 49 and 61 of 1964 Date of Judgment:1968-07-29 Reported As: 1971 PTD 1069 Result: N/A JUDGMENT JUDGMENT VEERASWAMI, OFFG., C. J.-These are references under section 27(1) of the Wealth Tax Act. The assessee are different, but because common points arise they have been heard together. In Tax Case No. 49 of 1964, the questions for decision are: "(1) Whether the assessee was entitled to a deduction in the computation of the not wealth in the assessm ent for the year 1957-58 of a sum of Rs. 34,15,086 as a deduction under section 7(2) of the Wealth Tax Act, being the difference between the book value and the written down value of the buildings, plant and machinery, as on the valuation date June 30, 1956? (2) Whether the assessee was entitled to a deduction of Rs. 8,07,852, being the liability for payment of tax?" "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee were not entitled to a deduction in the computation of their not wealth for the assessm ent for 1958-59 of a sum of Rs. 38,42,337 as a deduction under section 7(2) of the Wealth Tax Act, being the difference between the book value and the written down value of the buildings, plant and machinery as on the valuation date, June 30, 1957, and of Rs. 23,11,939 in respect of the valuation…

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