TMI Blog1971 (11) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... , T. S. KRISHNAMURTHY IYER. JUDGMENT The judgment of the court was delivered by GOVINDAN NAIR J.-These are references under section 27(1) of the Wealth-tax Act, 1957. The assessment years are 1960-61, 1961-62 and 1962-63. The assessee in all these years is the same individual, and the question which is a common one for all the three years referred to us is in these terms: " Whether, on the facts and in the Circumstances of the case, the Tribunal was justified in law in upholding the inclusion of Rs. 75,000 in the net wealth of the assessee for the assessment years 1960-61, 1961-62 and 1962-63 ? " During the assessment to income-tax of the same assessee for the years 1957-58, 1958-59 and 1959-60, additions have been made to the di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the net wealth of the assessee for the years under appeal unless the assessee is able to prove that the assets no longer belonged to him. No such evidence having been adduced by the assessee, the department's action in assessing it to wealth-tax has to be upheld." The charge under the Wealth-tax Act is on the net wealth of an assessee and " net wealth " has been defined in section 2(m) of the Wealth tax Act, 1957, in the following terms: (in) ' net wealth ' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come had been estimated and assessed, on the valuation date. We feel that there is no justification for such an assumption. The decisions referred to by the Tribunal have no application. The decision in S. Kuppuswami Mudaliar v. Commissioner of Income-tax dealt with the question whether income that had been estimated for the purpose of assessment to income-tax is merely notional or fictitious or it is real income. The decision was that the income is real income and the assessee's plea that investments subsequent to the relative accounting periods were made with the estimated income cannot be brushed aside on the ground that the estimated income is unreal, notional or fictitious. This case is of no help in deciding the question nor do we t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
