High Court Bench referred to and relied on Supreme Court precedent to uphold the Tribunal affirmative reference on exemption of annuity policies under section 5(i)(iv) of the Wealth-tax Act. The matter was disposed of in favour of the assessee against the Revenue.
Reference disposed in favour of the assessee and against the Revenue.
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MGN
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WEALTH TAX REFERENCE NO.22 OF 1998
The Commissioner of Wealth Tax...Applicant
Vs.
Sri Dharmendra Deol ..Respondent
Mr. P.S. Sahadevan, for the Applicant
None for the respondent.
CORAM: F.I.REBELLO&
R.S.MOHITE, JJ.
DATED: 22nd January, 2009
P.C.:
. The Tribunal has referred the following
question for determination of this Court:-
"Whether, on the facts and in the
circumstances of the case, the Tribunal who
justified in holding that annuity policies
are exempt u/s.5(i)(iv) of the W.T. Act,
1957, when, in fact, in view of the provide
only much policies where the premium is
payable for more then 10 years only be
exempt?"
2. The Authorities below have relied upon the
judgment of the Supreme Court in Commissioner of
Wealth Tax, Punjab 1985 156 ITR 545 (S.C.). The
learned Counsel is unable to distinguish the
judgment from the facts in the instant case. In the
light of that reference answered in the affirmative
in favour of the assessee and against Revenue.
Reference disposed off accordingly.
(R.S.MOHITE, J.) (F.I.REBELLO,J.)
1 issue framed by the court
Whether the Tribunal was justified in holding that annuity policies are exempt under section 5(i)(iv) of the Wealth-tax Act, 1957, considering the provision only exempts policies where the premium is
Colour shows how this judgement treated each authority
Commissioner of Wealth Tax, PunjabRelied on¶12
Commissioner of Wealth Tax, Punjab 1985 156 ITR 545 (S.C.)
1 provisions across 1 enactments
Commissioner of Wealth Tax
Sri Dharmendra Deol
F.I. Rebello
R.S. Mohite
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court