BANKATLAL TODY Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) BY this reference under Section 27(1) of the W.T. Act, 1957 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, Indore, has referred the following questions of law to this court for its opinion :

(2.) THE material facts giving rise to this reference briefly are as follows :

(3.) BY the Taxation Laws (Amendment) Act, 1975, which came into force from 1st April, 1976, the provisions of Section 18(3), of the Act, which required the WTO to refer the case to the IAC in the cases covered by that provision, has been recast as follows: