Madras H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was correct in coming to the conclusion that the filigree silver and silverware held by the assessee as stock-in-trade is not includible in the net wealth of the assessee ?

High Court Of Madras

Commissioner Of Wealth Tax vs. Vummidi Bangaru Chetty (P) Ltd.

Sections WT 3

Asst. Year 1984-85, 1985-86, 1986-87, 1987-88, 1988-89

R. Jayasimha Babu & K. Gnanaprakasam, JJ.

T.C. Nos. 1225 of 1229 of 1992

28th June, 2001

Counsel Appeared

J. Naresh Kumar, for the Revenue : None, for the Assessee

JUDGMENT

K. GNANAPRAKASAM, J. :

At the instance of the Revenue, the following question has been referred to us : “Whether, on the facts and in the circumstances of the case, the Tribunal was correct in coming to the conclusion that the filigree silver and silverware held by the assessee as stock-in-trade is not includible in the net wealth of the assessee ?”

2. The assessment is for the years 1984-85 to 1988-89. During the said period the silverware held by the assessee as stock-in-trade was assessable. In fact the said view is strengthened by the decision of this Court in the case of CWT vs. Varadharaja Theatres P. Ltd. (2000) 162 CTR (Mad) 276 : (2001) 250 ITR 523 (Mad), wherein it was held that the business assets even such as cinema building were includible in the net wealth of the assessee.

3. The principles laid down in the above decision are applicable to the case on hand and, therefore, we answer the question in favour of the Revenue and against the assessee.

[Citation : 254 ITR 332]

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