C W T Vs. GANPAT LAL

JUDGEMENT

(1.) IN all these cases whether are references made under Section 27 of the Wealth Tax Act,1957 or are appeals under the same Section as amended w. e. f. 1. 10. 1998, the common set of facts giving rise to a common question, as raised in these cases, on the happenings which took place in the accounting period since 1965-66, the matters relate to various assessment years as per the details which are given in Appendix "a".

(2.) TO make the record of proceeding complete we notice the questions referred in W. T. Reference and W. T. Appeals.

(3.) IN Appeals at the instance of Revenue, following common question of law has been framed: (d) "whether on the facts and in the circumstances of the case the ITAT was justified in estimating the value of 57 Kilos of gold @ 25% of its market value on relevant valuation date (s)?"