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2013 (2) TMI 514 - JHARKHAND HIGH COURTAddition of Rs.23,59,461 made up to the AY 1971-72 as extra income of the appellant available for purposes of taxation under the Wealth Tax Act? - contention of the petitioner that the assessment of income of the petitioner was based on the assessment made by the ITO in the income tax assessment proceeding and, therefore, the assessment and increase are only assessment therefore, intangible property - Held that:- It is true once a presumption is drawn, that can be rebutted by evidence by the person against such presumption goes and it is one of the well settled proposition of law, but there may be exception to it and one of that exception is that said presumption of existence of assets and it might have extinguished after passing of the long time, which is also sufficient rebuttal to the original presumption of existence of the assets in the hands of the assessee. Therefore, in view of the binding judgment of J.K.Cotton Manufacturers Ltd. [1994 (2) TMI 3 - SUPREME COURT] the considered opinion that the question is required to be answered in favour of the assessee and it is held that in these cases, the addition of Rs.23,59,461/made from assessment years 1963-64 to 1970-71 cannot be held to be the assets in the hands of the assessee after the period of more than eight years and, therefore, in these cases no tax can be imposed on the basis of such addition of Rs.23,59,461/treating it to be wealth for the purpose of wealth tax for the years 1985-86 to 1988-89 and onwards.
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