COMMISSIONER OF WEALTH TAX Vs. RAMAN KUMAR DEORAH

JUDGEMENT

(1.) IT is a reference under S. 27 (1) of the WT Act, 1957 (`the Act') , at the instance of the CIT, North Eastern Regiona, Shillong, seeking this Court's opinion on the following question:-- "Whether, on the facts and in the circumstances of the case, the land situated within the limit of Gauhati Municipal Corporation was exempt as agricultural land under the WT Act, 1957?"

(2.) THE learned standing counsel for the Revenue Mr. Talukdar and the learned counsel for the assessee, Mr. Joshi, are heard.

(3.) THE AO rejected the contention, hence an appeal to the AAC, who accepted the assessee's contention and held that the agricultural land owned by the assessee was to be excluded from his asset, vide his order dt. 19th May, 1986. It was further held that the aforesaid land did not fall within the purview of asset as defined in the Act. THE Revenue prefered an appeal before the Tribunal against the said order and the Tribunal has also maintained the same. A reference was, therefore sought. Accordingly, the question quoted above, has been referred to this Court for its opinion.