COMMISSIONER OF WEALTH TAX Vs. DELHI CLOTH AND GENERAL MILLS COMPANY LIMITED

JUDGEMENT

(1.) This judgment would dispose of Wealth Tax References No. 8 of 1968 and No. 1 of 1969. The assessee in these two references is the Delhi Cloth & General Mills Co. Ltd., Delhi. Wealth Tax Reference No. 8 of 1968 relates to assessment year 1957-58 for which the relevant valuation date is June 30, 1956, while Wealth Tax Reference No. 1 of 1969 pertains to the assessment year 1958-59 the relevant valuation date for which is June 30, 1957. The following two questions have been referred in Reference No. 8 of 1968 under Section 27 ( 1 ) of the Wealth- tax Act, 1957 (27 of 1957) (hereinafter referred to as the Act) :-

(2.) Following question has been referred in case No. 1 of 1969 :-

(3.) The assessee is a Company incorporated under the Indian Companies Act. Its assets are located in India and Pakistan. It had income from interest on securities, properties held in Pakistan, business in India as well as in Pakistan, and from other sources.