NARSIBHAI PATEL Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THIS judgment will also dispose of Misc. Civil Cases Nos. 434, 435 and 436 of 1977 as also Misc. Civil Cases Nos. 389, 390, 391 and 393 of 1978. These arc all references made under Section 27(1) of the W.T. Act, 1957.

(2.) MISC. Civil Cases Nos. 433 to 436 relate to the assessment year 1973-74 and MISC. Civil Cases Nos. 389 to 391 and 393 relate to the assessment year 1974-75. The questions of law referred in the references relating to the assessment year 1973-74 are as follows :

(3.) SECTION 3 of the Act, which is the charging section, imposes wealth-tax in respect of the net wealth, on the corresponding valuation date, of every individual, HUF and company at the rates specified in Schedule I. "Net wealth" is defined in SECTION 2(m) as follows :