(1.) THIS is a reference under Section 27(1) of the Wealth-tax Act, 1957 (hereinafter for the sake of brevity, referred to as "the Act, 1957"), at the instance of the Commissioner of Wealth-tax, Karnataka-II, Bangalore. The question of law referred by the Income-tax Appellate Tribunal, Bangalore Bench, to this court for decision is extracted below :
(2.) THE facts which are necessary for deciding the reference are summarised thus :
(3.) THIS court by its order dated July 27, 1992, allowed the prayer made in the review petition and was further pleased to observe :