Question of law in wealth-tax reference upheld over deductible liability claim, requiring reference to the High Court.

A question of law arose from the Tribunal's refusal to refer the assessee's claim that Rs. 18,61,788 was a deductible liability in computing wealth. The Supreme Court held that the issue did fall within the reference provision of the Wealth-tax Act because it involved a legal question, not merely a factual dispute. The reference on that amount was therefore directed to be made to the High Court.

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Issues: Whether a question of law arose from the Tribunal's order regarding the sum of Rs. 18,61,788 so as to justify a reference to the High Court under the Wealth-tax Act.

Analysis: The appeal concerned the Tribunal's refusal to refer the question relating to the assessee's claim of Rs. 18,61,788 as a deductible liability in computing wealth. The Court found that the issue did raise a question of law within the meaning of the reference provision under the Wealth-tax Act.

Conclusion: The reference on the sum of Rs. 18,61,788 was directed to be made to the High Court.

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