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2009 (1) TMI 430 - HC - Wealth-taxAmount deposited under compulsory Deposit Scheme- . Whether on the facts and circumstances of the case, the Tri bunal was right in law in holding that the amount of Rs. 1,99,750 under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, constitute an asset under section 2(e) of the Wealth-tax Act, and, therefore, includible in the net wealth of the assessee, for the assessment year 1980-81? Held that- That apart, in the case of a compulsory deposit, unlike an annuity the amount invested becomes a part of the capital and under the scheme, a fixed proportion of this vary capital was to be repaid. Hence, the amount deposited under the Compulsory Deposit Scheme is an asset includible in net wealth. 2. Whether on the facts and circumstances of the case, the Tribunal was right in law in holding that the amount of Rs. 2,76,449 representing income-tax refund likely to be due on the basis of the returns filed, form part of the taxable asset under section 2(e) of the Wealth- tax Act on the valuation date? Held that- the refund which is merely claimed but not assessed has unascertainable value on the date of valuation and cannot form a part of the taxable asset under section 2(e) of the Wealth tax Act. 3. Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that while applying the provisions of rule 1BB for valuing the self-occupied property, municipal ratable value has to be adopted instead of standard rent?” Held that- while applying the provisions of Rule 1BB of the Wealth tax Rules, 1957, for valuing self occupied property, the municipal rateable value with addition of statutory deductions, if any be adopted instead of standard rent, for arriving at the gross maintainable rent.
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