Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2018 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 1192 - HC - Wealth-taxTreatment to the Royal Buggy as ‘work of art’ and exempted under Section 5(i)(xii) of the Wealth Tax Act, 1957 - Tribunal held the issue in favour of the assessee as relying on Shantadevi P. Gaekwad Vs. Wealth-tax Officer [2017 (6) TMI 687 - GUJARAT HIGH COURT] - Revenue drew our attention to certain legislative changes, which took place in the said Act and that Clause (xii) of Sub-Section (1) of Section 5 stood deleted with effect from 01.04.1993 by virtue of Act 18 of 1992. Held that:- The assessee appeared on caveat and consented to final disposal of the Tax Appeals at this very stage. He candidly agreed to the contentions raised by the Counsel for the Revenue. It does not appear that legislative changes were brought to the notice of the Income Tax Appellate Tribunal and resultantly, the Tribunal fell in error in applying the ratio of judgment of this Court, which was rendered in the backdrop of the Assessment Year 1972-73 when Clause (xii) of Sub-Section (1) of Section 5 of the Act was still in force. As noted with effect from 01.04.1993, this Section came to be dropped. We are concerned with the Assessment Year 2004-05 and onwards. In the result, the impugned common judgment of the Tribunal rendered in favour of assessee in the Cross Appeals for the respective Assessment Years is set aside. The judgment of the Revenue authority is restored. - Decided against assessee.
|