COMMISSIONER OF WEALTH TAX Vs. BISWAJIT SAMONTA

JUDGEMENT

(1.) AT the instance of the Revenue, the Income-tax Appellate Tribunal, Patna Bench, under the provisions of Section 27(1) of the Wealth-tax Act, 1957, referred to this court the following two questions for its opinion (assessment years 1981-82 and 1982-83)

(2.) WHETHER, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the CDS deposit could not form part of the taxable asset ?"

(3.) ACCORDINGLY, we answer the second question in the affirmative, in favour of the assessee and against the Revenue. There will be no order as to costs.