| Case ID |
ffc5613c-f34c-4f27-bcdc-55a5ea781374 |
| Body |
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| Case Number |
TAX CASE Nos. 23 TO 27 OF 1966 WITH TAX CASE Nos. |
| Decision Date |
May 05, 1972 |
| Hearing Date |
|
| Decision |
The Patna High Court addressed several questions related to the wealth tax assessments of Sri Raghubar Narain Singh, acting as trustee of the Rai Bahadur Dalip Narain Singh's Trust Estate. The court evaluated the inclusion of various sums due under decrees and compensation under the Bihar Land Reforms Act as part of the assessee's net wealth. The court affirmed some of the Tribunal's findings while reframing and addressing specific questions regarding the valuation of assets under the Wealth-tax Act. |
| Summary |
The Patna High Court case involves the wealth tax assessments of Sri Raghubar Narain Singh, trustee of Rai Bahadur Dalip Narain Singh's Trust Estate. The case focused on whether certain sums due under decrees and compensation payable under the Bihar Land Reforms Act should be included in the net wealth of the assessee. The court examined the applicability of the Wealth-tax Act, 1957, particularly sections concerning the valuation of assets and liabilities. The court addressed the consolidated statements of cases referred by the Income-tax Appellate Tribunal for various assessment years. The Tribunal's decisions regarding the inclusion of debts from multiple entities and the valuation of decrees were scrutinized. The court confirmed some findings, amended others, and provided guidance on properly valuing assets under the Wealth-tax Act. The case highlights the complexities involved in interpreting tax laws and the importance of adhering to statutory provisions. This decision is significant for wealth tax cases involving similar circumstances. Trending keywords: wealth tax, assessment, valuation, Bihar Land Reforms Act, decrees, Patna High Court. |
| Court |
Patna High Court
|
| Entities Involved |
Sri A.K. Hazra,
Sri N. Sahay,
Sri A.H. Lal,
Sri D.D. Tulsi,
Tikait Girja Prasad Singh,
Shri Gangeshwar Prasad Singh,
Mahanth Mahabir Das,
Sri Jamuna Prasad Missir,
Sarjug Kumar,
Kishore,
Lakshmi Narain Singh,
Raja Prithvichand Lal Chaudhary
|
| Judges |
U.N. Sinha, C.J.,
K.B.N. Singh, J.
|
| Lawyers |
|
| Petitioners |
Commissioner of Wealth Tax
|
| Respondents |
Raghubar Narain Singh
|
| Citations |
1973 SLD 639 = (1973) 91 ITR 238
|
| Other Citations |
Maharajkumar Kamal Singh v. Commissioner of Wealth-tax [1967] 65 ITR 460 (Pat),
Mathuralal v. Keshar Bai AIR 1971 SC 310,
Maharaj Kumar Kamal Singh v. Commissioner of Wealth-tax [1972]84 ITR 240
|
| Laws Involved |
Wealth-tax Act, 1957,
Bihar Land Reforms Act,
Transfer of Property Act
|
| Sections |
27(1),
2(m),
7,
68
|