COMMISSIONER OF WEALTH TAX Vs. V B GARWARE

JUDGEMENT

(1.) The reference made at the instance of the Revenue raises the following question :

(2.) Counsels are agreed that the judgment of the Supreme Court in J. M. Bhatia, AAC of WT and Ors. v. J. M. Shah (1985) 49 CTR (SC) 382 : (1985) 156 ITR 474 (SC) applies to this case. The Supreme Court has held that the order of the AAC had not become final because the four years period of limitation available under s. 35 of the WT Act had not expired and the power of rectification was exercised not with reference to any provision of the Amending Act but de hors it. Accordingly, following the judgment in the aforesaid case, we hold that the Tribunal was in error in setting aside the order of WTO.

(3.) No order as to costs.