COMMISSIONER OF WEALTH-TAX Vs. ARVIND NAYYAR

JUDGEMENT

(1.) THERE is an apparent conflict of judicial opinion on the legal issue sought to be raised here. The High Court of Gauhati in CWT v. Harendra Prasad Singh [1991] 191 ITR 387 and CWT v. Tarachand Agarwalla [1989] 180 ITR 234 as also the High Courts of Patna and Calcutta in CWT v. Nand Lal Jalan [1980] 122 ITR 781 and CUT v. Mira Mehta [1985] 155 ITR 765, respectively, have taken one view while the contrary view has been expressed by the High Court of Madras in Puruskothamdas Gocooldas v. CWT [1976] 104 ITR 608. In view of this conflict of views, this is clearly a fit case for us to direct the Tribunal to make a reference to this court of the question posed. We order accordingly.

(2.) [the question of law referred to the High Court was " whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in allowing deduction under Section 5 (1) (iv) of the Wealth-tax Act, 1957, in respect of the assessee's share in land and building of the firm in which he is a partner ?" ]