IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. WTR No.12 of 2006 Date of Decision:-30.3.2010 The Commissioner of Wealth-tax, Haryana, Rohtak ...Petitioner Versus Sarabjit Singh c/o M/s Oceanic Enterprises, Panipat ...Respondent CORAM: HON'BLE MR.JUSTICE ASHUTOSH MOHUNTA HON'BLE MR.JUSTICE MEHINDER SINGH SULLAR Present:- Mr.Krishan Mehta, Sr.Standing Counsel for the petitioner. Mr.Sanjay Bansal, Senior Advocate with Ms.Shaveta Malhotra & Ms.Harpreet Kaur, Advocates for the respondent. Ashutosh Mohunta, J. (Oral) In the wake of the application by the revenue, the Tribunal referred the matter to this Court, which was admitted to consider the following question of law for adjudication by this Court:- “Whether on the facts of the case, the Tribunal was right in law in holding that the amount received as cash incentive and duty draw back by the firm, in which the assessee was a partner, were liable to be included net wealth? Having gone through the record and relevant provisions of the Wealth Tax Act (for short “the Act”), we are of the considered view that the amount in question of the share of the assessee in cash incentive and duty draw back did not represent any assets. The amount of cash incentive is a personal reward for promotion of handloom products. Such reward remittance do not fall within the purview of movable or immovable property and cannot possibly be termed as assets as defined under section 2 (e) of the Act, in the obtaining circumstances of the case. Therefore, the question of law is answered in favour of the assessee and against the revenue. The instant reference is disposed of accordingly. (Ashutosh Mohunta) Judge ( Mehinder Singh Sullar) Judge 30.3.2010 AS