Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2014 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 1005 - HC - Wealth-taxValuation of assets under Wealth tax - Whether Tribunal was justified in Fixing the value of the beneficial interest in the corpus at 50% of the value fixed by the valuer on the alleged grounds of uncertainties, hazards and risks of litigation, etc.? - Held that:- Tribunal is the last fact finding authority and the High Court in exercise of its jurisdiction under Section 27 of the Act and Section 256 of the Income Tax Act has to accept the finding as recorded by the Tribunal as correct unless a specific question as to the perversity of such finding of fact has been raised in the given case. Question Nos.1 and 2, relating to valuation of the asset in issue, in the present case are pure questions of fact. In view of the facts and in the circumstances of the case, we deem it appropriate that the two questions are required to be answered in favour of the assessee and against Revenue.
|