TMI Blog1991 (7) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... facts and in the circumstances of the case,the tea bushes cannot be characterised as growing crops ? 2. Whether, on the facts and in the circumstances of the case, the rubber trees are not exempt from wealth-tax under section 5(1)(viiia) of the Wealth-tax Act ?" The years of assessment are 1973-74, 1974-75 and 1975-76. The claim of the assessee for exemption is based on section 5(1)(viiia) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eated as the raw material for producing black tea can be treated as growing crop. That the assessing authority itself has taken such a view is clear from the decision in E. K Joseph, E. K Mathew and Bros v. CWT [1985] 155 ITR 507 (Ker). We may, in this connection, refer to the finding of the assessing authority which reads ". . . Ultimately, the Income-tax Appellate Tribunal, in their order in A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt of the net wealth and, consequently, the claim for exemption was rejected. The order rejecting the claim, under the circumstances, is not sustainable. But, in the case of rubber plants, we cannot accept the argument of learned counsel for the assessee that the value of the latex that is produced from the plant shall be deducted from the net wealth. No such claim has been laid by the assessee be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the view that there is no need to answer the first question. It is all the more so because we have directed the assessing authority to recompute the net wealth. regards the second question, the answer is in the affirmative and in favour of the Department. A copy of this judgment under the seal of this court and the signature of the Registrar shall be forwarded to the Income-tax Appellate Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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