Rakesh Garg, J. - (1.) THIS judgment will dispose of WT Ref. Nos. 96 to 103 of 1988 arising out of 24 reference applications in WT Case Nos. 13 of 1984, 20 of 1985, 21 of 1985 (Shanti Parshad Jain v. CWT), 10 of 1984, 36 of 1985, 37 of 1985 (CWT v. Shanti Parshad), WT Case Nos. 14 of 1984, 27 of 1985, 28 of 1985 (Jainender v. CWT) 9 of 1984, 34 of 1985, 34 of 1985 (CWT v. Jainender), WT Case Nos. 12 of 1983, 22 of 1985, 23 of 1985 (Salinder Kumar Jain v. CWJ), WT Case Nos. 11 of 1983, 32 of 1985, 33 of 1985 (CWT v. Salinder), WT Case Nos. 24 of 1985, 25 of 1985, 26 of 1985 (D.P. Jain v. CWT), WT Case Nos. 29 of 1985, 30 of 1985, 31 of 1985 (CWT v. D.P. Jain) for the asst. yrs. 1976 -77, 1977 -78, 1978 -79 and WT Ref. Nos. 92 to 95 of 1988 for the asst. yrs. 1974 -75, 1975 -76, 1979 -80 and 1980 -81, as the common questions of law have been referred by the Tribunal arising out of the same facts pertaining to all the assessees.
(2.) SHRI Shanti Parshad Jain and his three sons, namely, Shri Jainender Kumar Jain, Shri Satinder Kumar Jain and Shri Devinder Parshad Jain, owned certain pieces of land in Hissar. Though in the beginning there was some dispute about the ownership of these lands but now it is an accepted position that all the four persons had l/4th share in those pieces of land. The wealth -tax assessments for the asst. yrs. 1974 -75, 1975 -76, 1976 -77, 1977 -78, 1978 -79, 1979 -80 and 1980 -81 are the subject -matter under consideration. The IAC found that the lands in question had been acquired by the Collector on 4th Sept., 1973 and the compensation awarded to Shri Shanti Parshad Jain, for his share was Rs. 1,12,928. Similar amounts had been awarded to the other members of the family. These amounts had been received prior to the relevant valuation dates, which fell on 31st March, 1976, 31st March, 1977 and 31st March, 1978. The amounts received were reflected in the wealth of these persons. There is no dispute regarding this aspect.
(3.) SHRI Shanti Parshad Jain and his sons were not satisfied with the Collector's award and they made a claim for higher compensation. The Addl. District Judge, Hissar on the basis of evidence produced by the assessee awarded additional compensation on 23rd Jan., 1979 which was after the three relevant valuation dates. Interest on the enhanced compensation was also awarded. The additional compensation was determined at Rs. 7,97,558 and the interest upto 31st March, 1976 was determined at Rs. 1,23,117. Both the parties were aggrieved against this order of the Addl. District and Sessions Judge and filed appeals before the Punjab & Haryana High Court. Shri Shanti Parshad Jain and his sons claimed a further sum of Rs. 2 lakhs as compensation, whereas the Government challenged the enhanced compensation awarded to these persons. These appeals were pending at the time of making of the wealth -tax assessments. For the purpose of making assessment under the WT Act, the IAC was of the view that the assessee's right to receive additional compensation was to be included in his wealth on the valuation date of 31st March, 1976. The assessee had not declared any value for this right and has claimed nil value. The IAC relied on the compensation determined by the Addl. District & Sessions Judge, Hissar as he found that that was the order which still holds the field. He pointed out the fact that the assessee had received an additional compensation as well as interest and damages totalling Rs. 9,76,943 and in addition to it the assessee was further claiming Rs. 2 lakhs as further compensation. The IAC was of the view that having regard to the hazards of litigation, the value of the assessee's right could be determined at Rs. 9 lakhs which the assessee was seeking before the High Court. Similar amounts were included in the assessments of the other parties in the asst. yr. 1976 -77.;