COMMISSIONER OF WEALTH TAX Vs. JAGANNATHDAS GOVINDAS

JUDGEMENT

(1.) AT the instance of the Commissioner of Wealth-tax, Madras-II, Madras 34, the Income-tax Appellate Tribunal, Madras Bench, under Section 27(1) of the Wealth-tax. Act, has referred the following question for the opinion of this court.

(2.) THE short facts that are necessary for understanding the context in which that question has been referred are as follows :

(3.) WE are of the opinion that the Tribunal completely misguided itself in dealing with the matter in question. For the purpose of assessment to wealth-tax, what is necessary to consider is the definition of the expression " net wealth " as found in Section 2(m) of the WEalth-tax Act, 1957. That definition is as follows: