M J VIJAYAPADMAN Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THESE two references arise under the Wealth-tax Act, 1957. At the instance of the assessee, the Income-tax Appellate Tribunal has referred the following question of law for the decision of this court:

(2.) THE respondent is the Revenue. We are concerned with the assessment years 1974-75 and 1975-76. For wealth-tax purposes, the relevant valuation dates are March 31, 1974, and March 31, 1975. THE original assessments made under the Wealth-tax Act against the assessee were rectified on the ground that a mistake had crept in the orders. Proceedings were passed under Section 35 of the Wealth-tax Act for both the years dated March 11, 1982. In appeals, the Appellate Assistant Commissioner held that there is no mistake apparent from the records to be rectified under Section 35 of the Wealth-tax Act. In further appeal preferred by the Revenue, the Income-tax Appellate Tribunal, by a common order dated December 27, 1984, held that it is clear that there is a mistake apparent from the records and so Section 35 is attracted. It is thereafter at the instance of the assessee that the question of law, formulated hereinabove, has been referred for the decision of this court by the Income-tax Appellate Tribunal.

(3.) BOTH the references are answered against the assessee and in favour of the Revenue.