COMMISSIONER OF WEALTH TAX Vs. KR. ANAND SINGH

JUDGEMENT

(1.) THE Tribunal, Allahabad has referred the following question of law under s. 27(1) of the WT Act, 1957, hereinafter referred to as the Act, for opinion to this Court. "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in excluding the value of the partitioned assets amounting to Rs. 3,07,878 and Rs. 3,16,680 in the asst. yrs. 1976 -77 and 1977 -78 - We have heard Sri A.N. Mahajan, learned standing counsel for the Revenue and Sri Vikram Gulati, learned counsel for the assessee.

(2.) IT may be mentioned here that in IT Ref. No. 65 of 1983 which is inter -parties, this Court vide judgment dt. 10th the Tribunal was justified in excluding the value of the partitioned assets in the asst. yrs. 1976 -77 and 1997 -78 which are involved in the present reference.

(3.) WE , accordingly, answer the question referred to us in the affirmative i.e., in favour of the assessee and against the Revenue. However, there shall be no order as to costs.