COMMISSIONER OF WEALTH TAX Vs. VENKATACHALAPATHY B R

JUDGEMENT

(1.) THESE three tax case reference are at the instance of the revenue.

(2.) THE Income-tax Appellate Tribunal, in compliance with direction of this court given under section 27(3) of the Wealth-tax Act and made in T.C. P. Nos. 142 to 144 of 1978, has drawn up a consolidated statement of the case relating to the assessment year 1965-67 to 1968-69.

(3.) MR.N. V. Balasubramaniam, learned counsel appearing for the revenue, placing reliance on the latest decision of the supreme court in Maya Rani Punj v. CIT [1986] 157 ITR 330, submitted that the view taken by the Tribunal following the decision of the court in CGT v. C. Muthukumaraswamy Mudaliar [1976] 98 ITR 540 can no longer hold the field. Learned counsel appearing for the assessee is not in position to dispute this statement.