| Case ID |
049c7de1-6008-4f4e-886d-f916fdec3d30 |
| Body |
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| Case Number |
WT Application No. 1099 of 1978 |
| Decision Date |
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| Hearing Date |
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| Decision |
In this case, the court held that there is no conflict between section 24(6) of the Wealth-tax Act and rule 1D of the Wealth-tax Rules. The decision reiterated that arbitrators are bound to follow the said rule when making valuations under the referenced section. The court referenced previous decisions to support this conclusion, confirming the consistent interpretation of the law regarding the relationship between these provisions. The court emphasized that the Revenue could not raise objections based on rule 1D if they had not previously argued that the arbitrator's valuation was contrary to it. Therefore, the court declined to answer additional questions related to the issue, reinforcing the finality of their decision. |
| Summary |
This case revolves around the interpretation of section 24 of the Wealth-tax Act, 1957, specifically regarding its interaction with rule 1D of the Wealth-tax Rules. The Allahabad High Court addressed whether there exists a conflict between these provisions and concluded that there is none. The ruling established that arbitrators must adhere to rule 1D during their valuation processes. Citing previous cases, the court clarified that the Revenue's failure to raise specific objections regarding the valuation process limited their ability to contest it later. This case underscores the importance of procedural adherence in wealth tax assessments and provides clarity on the application of the law in similar future cases. Key terms include Wealth-tax Act, arbitrators, rule 1D, valuation, and procedural adherence, which are critical for legal professionals and tax practitioners. |
| Court |
Allahabad High Court
|
| Entities Involved |
Not available
|
| Judges |
B.P. Jeevan Reddy, C.J.,
V.N. Mehrotra, J.
|
| Lawyers |
U.B. Upadhyaya
|
| Petitioners |
Commissioner of Wealth Tax
|
| Respondents |
Gaur Hari Singhania
|
| Citations |
1991 SLD 2015,
(1991) 191 ITR 74
|
| Other Citations |
CWT v. Sripat Singhania[1978] 112 ITR 363 (All.),
CWT v. Pushpawati Devi Singhania[1991] 188 ITR 364 (All.)
|
| Laws Involved |
Wealth-tax Act, 1957
|
| Sections |
24
|