Bimal Kishore Paliwal vs Commissioner of Wealth Tax
Bimal Kishore Paliwal vs Commissioner of Wealth Tax - Supreme Court Important Judgment 2017 -
On 13th October, 2017, in the case of Bimal Kishore Paliwal & Ors. v. Commissioner of Wealth Tax [Civil Appeal No.3836 of 2011], the provisions of Section 7 of the Wealth Tax Act, 1957, in regard to valuation of an asset, were examined. It was held that the proposition laid down by the Supreme Court that if two reasonable constructions of a taxing statute are possible, the construction which favours the assessee must be adopted, cannot be read to mean that where there are more than one methods of valuation of an asset of an assessee, the method under which the valuation is in favour of assessee has to be accepted.