COMMISSIONER OF WEALTH TAX Vs. MASTER KAIRAS TARAPORE

JUDGEMENT

(1.) THE CWT, Jaipur, has filed this application under s. 27(3) of the WT Act, 1957 (hereinafter referred to as "the Act"), for giving a direction to the Tribunal, Jaipur Bench, Jaipur, to draw up the statement of the case and refer the following question of law:

(2.) BRIEF facts leading to this application are that the assessees were partners in the firm of new Majestic Talkies, Ajmer. The WTO issued a notice under the WT Act and mentioned in his order that during the proceedings for the asst. yr. 1976-77, a reference was made to the valuation cell in January, 1977, for the purpose of valuation of immovable properties of the firm, M/s New Majestic Talkies, The report was received in December, 1978. This report assessed the value of the assets of the firm at Rs. 9,92,000 as against the balancesheet value of the properties, namely, Rs. 3,85, 522. On this basis, the WTO came to the conclusion that the wealth had been under-assessed due to failure on the part of the assessee to disclose true and correct particulars of wealth.