9911796707
TMI Blog1987 (2) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... peal, the CWT(A) relied upon her order in relation to the asst. yrs. 1962-63 to 1969-70 by which she had directed that the value of these coins be excluded from the total wealth of assessee. The Revenue has challenged this direction in those years as well as in these years before us. In our separate order of date, we have thoroughly considered this issue. The CWT (Appeals) granted the exemption under s. 5(1) (xii) which prima facie would not be available to the assessee. However, the assessee's representative claimed that he was entitled to exemption in relation to these coins under s. 5(1)(xii) of the WT Act. By our order above referred to, we have directed that the assessee would be at liberty to claim the exemption under s. 5(1)(xii) afr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the building was occupied by the assessee and exclusively used by him for residential purposes. Since this exemption was not available before 1st April, 1964, this matter could not have been looked into earlier. We, therefore, direct that the CWT (Appeals)' s decision during these years shall be subject to verification by the WTO in terms of his order in relation to the earlier years 1964-65 to 1969-70. The ground shall be deemed to have been disposed of in these terms. 4. For the years 1973-74 to 1977-78, there is another ground relating to allowance of taxation liabilities and land and building tax liability from the total wealth of the assessee. The WTO disallowed the claim for liabilities under the wealth-tax as according to him t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statutory liabilities and the decision in CWT vs. K.S.N. Bhatt, (1983) 37 CTR (SC) 273: (1984) 145 ITR 1 (SC) for the proposition that the liability towards income-tax, wealth-tax and gift-tax crystallised on the relevant valuation dates and even though the liability may not have been determined before the valuation date, it was an allowable deduction. He therefore, directed the WTO to allow the same as claimed. The Revenue has challenged this direction. It was argued before us that there was no such claim before the WTO and no liabilities existed at the time of completion of the assessments. So far as absence of claim before the WTO is concerned, now that a claim has been admitted by the CWT (Appeals) and it is a statutory liability, we d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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