IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. WTR No.69 of 1995 Date of Decision:-30.3.2010 The Commissioner of Wealth-tax, Haryana, Rohtak ...Petitioner Versus Smt.Vasundra Nath c/o M/s Deepak Woollen Mills (Exp.) Division, 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.Aman Bansal, Advocate for the respondent. Ashutosh Mohunta, J. (Oral) In the wake of the application by the revenue, the Tribunal referred the following question of law in this reference for adjudication by this Court:- “Whether on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was right in law in dismissing the appeal filed by the department against the deletion of assessee's share in cash incentive and duty draw back? 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 cash incentive is a personal reward for promotion of woollen mills. 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