Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (12) TMI 70 - MADRAS HIGH COURT"Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in overlooking sub-section (7) of section 40 of the Finance Act, 1983, and holding that the said section relating to levy of wealth-tax in the case of closely held companies does not apply to the assessee-club, which has been declared on its own request as a company under section 2(h)(iii) of the Wealth-tax Act?" - we are of the view that the Tribunal has come to a clear and correct conclusion and no irregularity could be attributed to the order of the Tribunal. We are also not expressing any opinion on the question whether the assessee is assessable to tax under section 21AA of the Wealth-tax Act as the said question is not before us. Hence, we answer the question in favour of the assessee and against the Revenue.
|