COMMISSIONER OF WEALTH-TAX Vs. NIDHIPATI SINGHANIA

JUDGEMENT

(1.) The Income-tax Appellate Tribunal, Allahabad, has referred the following question of law under Section 27(1) of the Wealth-tax Act, 1957, hereinafter referred to as "the Act", for opinion to this Court :

(2.) The present reference relates to the assessment year 1978-79.

(3.) Briefly stated the facts giving rise to the present reference are as follows :