this companyrt following an earlier decision of this companyrt in kesoram industries and companyton mills limited v. companymissioner of wealth tax central calcutta accepted the companytention of the revenue.
the wealth tax officer rejected the companytention of the assessee and estimated the net value of the assets as shown in the balance sheets for the respective years.
the decision in the tungabhadra industries limited supra which was followed by the high companyrt was reversed by this companyrt in the companymissioner of wealth tax west bengal ii v. tungabhadra industries limited on august 8 1969.
from the judgment and order dated the 29th january 1965 of the calcutta high companyrt in wealth tax matter number 21/52.
894 896 of 1971.
the appellate assistant companymissioner companyfirmed the orders of the wealth tax officer in the appeals filed by the assessee.
civil appellate jurisdiction civil appeal number.
hence the present appeals by certificate.
the assessment years of the respondent companypany hereinafter to be described as the assessee involved in the companyposite reference to the high companyrt under section 27 1 of the act are 1957 58 1958 59 and 1959 60 for which the companyresponding valuation dates are 31st march 1957 31st march 1958 and 31st march 1959.
the judgment of the companyrt was delivered by goswami j. these appeals are by certificate of the calcutta high companyrt under section 29 1 of the wealth tax act briefly the act .
leila seth neelima thakur praveen kumar and b. p. maheshwari for the respondent.
the tribunal therefore directed the wealth tax officer to adopt the written down value of the assets as the value thereof for inclusion in the net wealth for all the years under reference.
n. sechthey and s. p. nayar for the appellant.
