COMMISSIONER OF WEALTH TAX Vs. MEGHJI GIRDHARLAL

JUDGEMENT

(1.) THE Tribunal, Indore Bench, Indore at the instance of the revenue namely the CWT, M.P., Bhopal has made this reference under S. 27 (1) of the WT Act for the opinion of this Court on the following question of law :

(2.) THE facts giving rise to this reference as per the statement of case received may be stated in brief, thus : The dispute relates to the deduction of WT liabilities in computing the taxable wealth for the assessee. The WTO did not allow any of these liabilities presumably on the ground that neither they had been quantified on the valuation dates nor had they been accepted as such by the assessee. Since the assessee was agitating the matter in appeal, the CWT (A) allowed deduction for commutative liability in respect of undisputed wealth tax only, for determination of the taxable wealth of the assessee -respondent.

(3.) THE Id member of the Tribunal in paras 19 to 27 of the impugned order have given valid reason supported by authority for deciding the said point in favour of the asessee. Hence this reference at the instance of the revenue.