COMMISSIONER OF WEALTH TAX Vs. NAND LAL JALAN

JUDGEMENT

(1.) AT the instance of the Commissioner of Wealth-tax, Bihar II, the Patna Bench-B of the Income-tax Appellate Tribunal has made a statement of a case under Section 27(1) of the W. T. Act, 1957, for the opinion of this court on the undermentioned question of law :

(2.) THE question of law, as referred, does not bring out the real controversy between the parties and, therefore, it requires to be reframed. Before, however, doing so, the relevant facts may be stated.

(3.) IT is on these facts that the aforementioned question of law has been referred to this court. While making the reference, a mention has been made of Rule 2 of the W.T. Rules. This rule is specifically meant for the valuation of an assessee's interest in a partnership or in an association of persons. The details of this rule would be required to be given, but I will do so at a later stage.