COMMISSIONER OF WEALTH-TAX Vs. M MANAL

JUDGEMENT

(1.) These applications are filed under Section 27(3) of the Wealth-tax Act, 1957, to refer the following three questions of law for the opinion of this court ;

(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was right in setting aside the valuation of the shares made as per Rule 1D of the Wealth-tax Rules ?

(3.) Whether the Income tax Appellate Tribunal was right in following the order of the Hon'ble Supreme Court in CWT v. Mahadeo Jalan [1972] 80 ITR 621 which was passed in respect of the assessment years 1956-57 and 1958-59 when Rule 1D was not in existence (Rule 1D was introduced by the Wealth-tax- (Amendment) Rules, 1967, issued under Notification No. GSR 1536, dated October 6, 1967, with effect from that date) ?