COMMISSIONER OF WEALTH TAX Vs. SHEW BHAGWAN PODDAR

JUDGEMENT

(1.) The following question of law has been referred by the Tribunal to this court under Section 27(3) of the Wealth-tax Act, 1957 ("the Act") :

(2.) The relevant assessment year is 1965-66.

(3.) In this case, both the Appellate Assistant Commissioner and the Tribunal were of the view that, the tax liability on the disclosed income which was paid to the Reserve Bank of India on May 27, 1965, should be deducted for the purpose of valuation of the assessee's net wealth. The language of Section 2(m)(iii) is also quite clear.