In Wealth Tax Application No. 12 of 1999, the High Court of Bombay referred a substantial question of law to itself concerning the correctness of the ITAT's directive to the Assessing Officer to value annuity policies by discounting at 25%.
The writ petition was allowed to undergo consideration; rule made absolute without any order for costs.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
WEALTH TAX APPLICATION NO. 12 OF 1999
The Commissioner of Wealth Tax. ... Applicant. V/s. Shakti Kapoor. ... Respondent.
Parag Vyas i/b. Pankaj Kappor for the applicant.
CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ.
DATED : 16h September, 2005.
P.C. :
. Heard learned counsel for the applicant.
. We are satisfied that the question sought
to be raised is a substantial question of law and
needs consideration. Thus, the following substantial
question of law should be referred to this Court:
"Whether on the facts and in the circumstances of the case and in law, the ITAT was right in directing the Assessing Officer to value the annuity policies by discounting the same at 25%?"
. Accordingly, rule is made absolute with no
order as to costs.
(J.P.DEVADHAR, J.)
(V.C.DAGA, J.)
1 issue framed by the court
Whether the ITAT was right in directing the Assessing Officer to value annuity policies by discounting the same at 25%.
Commissioner of Wealth Tax
Shakti Kapoor
V.C.DAGA
J.P.DEVADHAR
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
