COMMISSIONER OF WEALTH TAX Vs. MAKHANLAL AGRAWALLA

JUDGEMENT

(1.) ALL these tax reference cases arise out of the same facts. They have been heard together and since the different cases concern the partners of the same firm this judgment will govern all the tax reference cases.

(2.) THE Patna Bench of the Income-tax Appellate Tribunal has made these references under Section 27(1) of the W.T. Act, 1957. THE common questions which have been referred for opinion of this court are:

(3.) LEARNED counsel for the assessee informs us by reference to para. 20 of the Tribunal's order that since the tax liability in accordance with the Finance Act for the relevant assessment years would have been much higher than the tax liability in terms of Sub-section (3) of Section 68 of the Finance Act, 1965, neither the department nor the assessee had advanced any argument on the question of the yardstick that should be adopted in determining the tax liability. Be that as it may, the question as to whether the tax liability should be in terms of Sub-section (3) of Section 68 of the Finance Act, 1965, or in terms of the Finance Acts for the relevant assessment years was not decided by the Tribunal.