Supreme Court · 1971 INSC 225 · Decided 30 August 1971
Commissioner of Wealth Tax, West Bengal v. Aluminium Corporation LTD.
- Court
- Supreme Court of India
- Citation
- 1971 INSC 225 · [1972] 1 S.C.R. 484
- Case number
- CIVIL APPEAL No. 1691/1968
- Decided
- 30 August 1971
- Bench
- K.S. HEGDE, A.N. GROVER (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Wealth Tax Act (27 of 1957), s. 7(2)-Value of assets as shown in ba}imce-sheet-Whether should be accepted-Deprecia1ion, if permis- sible. Practice and Procedur~Remand by Supreme Court-High Court examining competency of Supreme Court--Propriety. The assessee-company m~de a revaluation of its increase in value was carried over to subsequent years. For the assessment year 1957-58, on the questions, ( 1) whether in determining the net value of the assets under s. 7(2) of the Wealth Tax Act the value as shown in the balance sheet should be substituted by the written down value as per the
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