NIHALKARAN Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) AN application under S. 27(3) of the WT Act, 1957 (hereinafter referred to as "the Act"), was filed in this Court by the assessee along with an application under S. 5 of the Limitation Act inasmuch as the application under S. 27(3) of the Act had been filed beyond the period of limitation prescribed for such an application. The matter was listed before a Division Bench of this Court which was of the opinion that there are conflicting views of this Court with regard to the applicability of S. 5 of the Limitation Act and consequently the matter deserved to be decided by a larger Bench. The two Division Bench decisions of this Court which, according to the learned Judges, contained conflicting views were CIT vs. Gupta & Sons (P) Ltd. (1983) 36 CTR (MP) 112 : (1984) 146 ITR 506 (MP) : TC11R.530 and CIT vs. Trilokinath (1983) 34 CTR (MP) 292 : (1984) 147 ITR 613 (MP) : TC3R.881. The learned judges, therefore, referred the following question to a larger Bench :

(2.) IT is thus that this question has come up for consideration before us. The question which came up for consideration in the case of Gupta & Sons (P) Ltd. (supra) was:

(3.) IN the instant case, we are not concerned with an application or appeal under the IT Act. On the other hand, we are concerned with an application under S. 27(3) of the WT Act. We shall therefore, confine our discussion to the question referred to us, i.e., whether S. 5 of the Limitation Act applies to an application under S. 27(3) of the WT Act.