| Case ID |
09a5d9e7-e21e-4071-8123-7c071ce11725 |
| Body |
View case body. Login to View |
| Case Number |
WT REFERENCE No. 700 OF 1978 |
| Decision Date |
|
| Hearing Date |
|
| Decision |
The Allahabad High Court held that the Appellate Tribunal erred in affirming the AAC's order, which denied the rectification of the mistake related to the assessment of jewellery. The retrospective amendment under the Finance (No. 2) Act, 1971, was deemed to create a mistake apparent from the record that warranted rectification. The court concluded that the AAC's decision to exclude jewellery from net wealth was inconsistent with the amended provisions, thus justifying the WTO's application for rectification. |
| Summary |
This case revolves around the rectification of mistakes in wealth-tax assessments concerning the inclusion of jewellery in net wealth. The Allahabad High Court addressed the implications of amendments made to the Wealth-tax Act by the Finance (No. 2) Act, 1971, which retrospectively altered the treatment of jewellery for tax purposes. The court found that the AAC's refusal to amend the previous order constituted a mistake apparent from the record, as the retrospective amendment effectively changed the legal standing of jewellery for wealth tax. The ruling highlights the significance of legislative changes in tax law and their implications on past assessments, emphasizing the necessity for rectification when such amendments occur. Key terms include wealth tax, jewellery exemptions, retrospective amendments, and legal rectifications, making this case relevant for taxpayers and legal practitioners alike. |
| Court |
Allahabad High Court
|
| Entities Involved |
Not available
|
| Judges |
Rastogi, J.
|
| Lawyers |
R.K. Gulati,
A. Gupta
|
| Petitioners |
Commissioner of Wealth Tax
|
| Respondents |
Smt. Sheela Devi Goel
|
| Citations |
1981 SLD 1941,
(1981) 132 ITR 517
|
| Other Citations |
M.K. Venkatachalam, ITO v. Bombay Dyeing & Mfg. Co. Ltd. [1958] 34 ITR 143 (SC),
IAC of Ag. IT & ST (Special) v. M. Ravi Namboodiripad [1974] 96 ITR 73 (SC),
CWT v. His Highness Maharaja Vibhuti Narain Singh [1979] 117 ITR 246 (AW),
CWT v. Arundhati Balkrishna [1970] 77 ITR 505 (SC),
CWT v. Jayantilal Amratlal [1976] 102 ITR 105 (Guj.)
|
| Laws Involved |
Wealth-tax Act, 1957,
Finance (No. 2) Act, 1971
|
| Sections |
35,
5(1)(viii),
32
|