Commissioner of Wealth-tax v. Trustees of Nizam Jewellery Trust - 2014-LL-0805-78

Citation	2014-LL-0805-78
Appellant Name	Commissioner of Wealth-tax
Respondent Name	Trustees of Nizam Jewellery Trust
Court	HIGH COURT OF HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH
Relevant Act	Wealth-tax
Date of Order	05/08/2014
Judgment	View Judgment
Keyword Tags	beneficial interest • tax liability
Bot Summary:	65 of 2002 ORDER This reference is made by the Income Tax Appellate Tribunal, Hyderabad Bench Bat the instance of the Revenue through its order, dated 21.10.1996. On a direction issued by this Court in its order in W.T.C.Nos. Whether on the facts and in the circumstances of the case, the Appellate Tribunal was justified in confirming the order of the CIT insofar as fixing the value of the beneficial interest in the corpus at 50 of the value fixed by the valuer on the alleged grounds of uncertainties, hazards and risks of litigation etc. Whether the Appellate Tribunal is justified in holding that the alleged uncertainties, hazards, risks of litigation and burden of tax liability etc. Whether the Appellate Tribunal is justified in holding that the wealth tax officer would be entitled to make further adjustments to the valuation as determined by the Valuation Officer under Section 16A(5) of the Wealth Tax Act Heard the learned Senior Standing Counsel for the Revenue. The first is that tax impact is said to be too trivial. The second is that on merits, the questions are covered by the order, dated 10.12.2013, passed by this Court in R.C.No.

THE HON BLE SRI JUSTICE L.NARASIMHA REDDY ANDTHE HON BLE SRI JUSTICE CHALLA KODANDA RAMR.C.No. 65 of 2002 ORDER (per Hon ble Sri Justice L.Narasimha Reddy) This reference is made by Income Tax Appellate Tribunal, Hyderabad Bench Bat instance of Revenue through its order, dated 21.10.1996. On direction issued by this Court in its order in W.T.C.Nos.5 and 8 of 1995, following questions are referred to this Court 1. Whether on facts and in circumstances of case, Appellate Tribunal was justified in confirming order of CIT (Appeals) insofar as fixing value of beneficial interest in corpus at 50% of value fixed by valuer on alleged grounds of uncertainties, hazards and risks of litigation etc.,? 2. Whether Appellate Tribunal is justified in holding that alleged uncertainties, hazards, risks of litigation and burden of tax liability etc., pleaded by assessee constituted factors for reduction of valuation up to 50% of valuation fixed by Approved Valuer? 3. Whether Appellate Tribunal is justified in holding that wealth tax officer would be entitled to make further adjustments to valuation as determined by Valuation Officer under Section 16A(5) of Wealth Tax Act? Heard learned Senior Standing Counsel for Revenue. Two reasons convince us to decline answer to questions. first is that tax impact is said to be too trivial. second is that on merits, questions are covered by order, dated 10.12.2013, passed by this Court in R.C.No.172 of 1996. Hence, questions are answered against Revenue. _ L.NARASIMHA REDDY,J CHALLA KODANDARAM,J Dt05.08.2014 kdl Commissioner of Wealth-tax v. Trustees of Nizam Jewellery Trust

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