COMMISSIONER OF WEALTH TAX Vs. P V VARGHESE

JUDGEMENT

(1.) HEARD senior standing counsel for the Revenue.

(2.) THIS is an application made by the Revenue under Section 27(3) of the Wealth-tax Act, 1957, requiring us to direct the Income-tax Appellate Tribunal to refer the following question for the opinion of this court :

(3.) THE submission of learned senior standing counsel before us is that the firms in which the assessee was a partner, were engaged only in polishing old gold ornaments and no new gold ornaments were being manufactured by the firms. No basis for this argument is shown to us. On the contrary, the finding of the Appellate Tribunal is that the firms in which the assessee was a partner were engaging goldsmiths at their own premises and they made new jewellery from old gold ornaments.