Commissioner of Wealth Tax Vs. Shilaben Family Trust and ors. - Court Judgment

Excerpt:
.....court of india s.p. bharucha, y.k. sabharwal & ruma pal, jj. - customs act, 1962 -- section 20: [ashok bhan & dalveer bhandari, jj] re importation of goods - notification no. 158 cus., d/-14-11-1995 - assessee taking benefit of notification of 1995 available to assessee at time of import, to import goods without payment of duty -held, he cannot subsequently contend that conditions in said notification need not be fulfilled, be it on ground that benefit under another notification no.94/1996 is available to him or otherwise. he cannot approbate and reprobate. it is more so when notification no.94 of 1996 is not applicable to his case as out of three bills of entry covering goods which has to be re-exported, only one of them was goods earlier exported under duty exemption entitlement..........of cadila laboratories (p) ltd. be worked out as per rule 1d of the wealth tax rules, as interpreted by the gujarat high court in the case of cwt v. ashok k. parikh : [1981]129itr46(guj) ?'it relied upon its earlier judgment in the case of cwt v. ashok k. parikh : [1981]129itr46(guj) .2. the issue raised by the question was considered by this court in the case of bharat hari singhania v. cwt : [1994]207itr1(sc) and a contrary view was taken.accordingly following the said judgment of this court, the civil appeals are allowed and the order under appeal to set aside.no order as to costs.

Judgment:
ORDER

By the Court

The High Court answered the following question in the affirmative and in favour of the assessee ..

'Whether the Tribunal is right in law and on facts in directing that the value of unquoted shares of Cadila Laboratories (P) Ltd. be worked out as per rule 1D of the Wealth Tax Rules, as interpreted by the Gujarat High Court in the case of CWT v. Ashok K. Parikh : [1981]129ITR46(Guj) ?'

It relied upon its earlier judgment in the case of CWT v. Ashok K. Parikh : [1981]129ITR46(Guj) .

2. The issue raised by the question was considered by this court in the case of Bharat Hari Singhania v. CWT : [1994]207ITR1(SC) and a contrary view was taken.

Accordingly following the said judgment of this court, the civil appeals are allowed and the order under appeal to set aside.

No order as to costs.