COMMISSIONER OF WEALTH TAX Vs. RATNAMALA AGARWALLA

JUDGEMENT

(1.) AT the instance of the Revenue, the following question has been referred to this court by the Income-tax Appellate Tribunal under Section 27(1) of the Wealth-tax Act, 1957 (for short, "the Act"), for opinion of this court :

(2.) HEARD Mr. G.K. Joshi, learned counsel, appearing on behalf of the Revenue, and Dr. A.K. Saraf, learned counsel appearing on behalf of the assessee.

(3.) IN Jarman on Wills, "annuity" is defined thus :