REGENT COMPUTRONICS PVT. LTD.

COMMISSIONER OF WEALTH TAX, DELHI AND RAJASTHAN Appellant

V/S

HER HIGHNESS MAHARANI GAYATRI DEVI OF JAIPUR Respondents

Referred Judgements :-

YATES V. COMPTON [REFERRED TO]
BARNES V. ROWLEY [REFERRED TO]
LADY FOLEY V. FLETCHER [REFERRED TO]
IRON COMPANY V. BLACK [REFERRED TO]
PALMER V. CRAUFURD [REFERRED TO]
BAYLEY V. BISHOP [REFERRED TO]
CHADWICK V. PEARL LIFE INSURANCE CO. [REFERRED TO]
IN RE: FITCH'S WILL TRUSTY,PUBLIC TRUSTEE V. NIVES [REFERRED TO]
MACKINTOSH MRS. V.O. V. COMMRS. OF INLAND REVENUE [REFERRED TO]
WASMUTH V. JANES [REFERRED TO]
SMITH V. SMITH [REFERRED TO]
GOULD V. CURTIS [REFERRED TO]
WILLIAM JOHN JONES V. COMRS. OF INLAND REVENUE [REFERRED TO]
IN RE: MABBETT [REFERRED TO]
ROPER V. ROPER,1876 [REFERRED TO]
COMMRS. OF INLAND REVENUE V. RAMSAY [REFERRED TO]
CLACK V. CLACK [REFERRED TO]
TAYLOR V. TAYLOR [REFERRED TO]
COMMISSIONER OF WEALTH TAX THE GUJARAT VS. E D ANKALESARIA DR [REFERRED TO]

JUDGEMENT

(1.) THE following two questions have been referred to this Court under Section 27(1) of the Wealth Tax Act, hereinafter to be referred as the "Act", by the Income-tax Appellate Tribunal Bombay, Bench 'B' :--

(2.) THE relevant facts giving rise to this reference may be outlined as follows:--

(3.) MR. Lodha, appearing for the Department, has strenuously, contested the stand that the interest of the assessee could be regarded as an annuity. He maintains that 15 parts out of 30 parts in the War Bonds were the assets belonging to the assessee. He further submitted that in any case Clause 7 of the deed of settlement permitted commutation of annuity is a lump sum grant. In elaboration of his arguments about the assessee's interest being not an annuity, MR. Lodha submitted, that the deed did not make any provision for making any annual payments and secondly, no definite sum was payable as the same could vary from time to time according tn the investment that the trustee will be making in exercise of his powers under the deed of settlement. According to MR. Lodha, the assessee had definitely a life interest in the trust fund and the same could be valued according to Jelicose Formula and regarded as her assets for the purposes of assessment under the Act

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COMMISSIONER OF WEALTH TAX Vs. GAYATRI DEVI OF JAIPUR HER HIGHNESS MAHARANI

Referred Judgements :-

JUDGEMENT

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