Reference of question of law on exclusion of life interest and reversionary interest in individual assessment directed.

A question of law arose on whether the value of life interest and reversionary interest should be excluded from the assessee's individual assessment. The HC held that the issue did raise a referable question of law and directed the Income-tax Appellate Tribunal to state a case and make a reference for determination of that question.

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Issues: Whether a question of law arose requiring the Income-tax Appellate Tribunal to state a case and refer the issue of exclusion of the value of life interest and reversionary interest from the assessee's individual assessment.

Outcome: The Court held that a question of law did arise and directed the Tribunal to make a reference for answering the stated question.

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