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2002 (7) TMI 52 - HC - Wealth-tax"1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the finding of the Commissioner of Wealth-tax (Appeals) that the assessee is entitled to deduction under section 5(1)(iv) of the Wealth-tax Act, 1957, from the interest of the assessee in the immovable property held by the firm? - 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessment of the assessee for the year under consideration is not validly reopened under section 17(1)(b) of the Wealth-tax Act, 1957?" - we answer question No. 1 in the negative, i.e., in favour of the Revenue and against the assessee and question No. 2 in the affirmative, i.e., in favour of the assessee and against the Revenue.
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