2004 (8) TMI 74

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....MAR GOEL J.- At the instance of the Revenue, the following question of law has been referred for the opinion of this court by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, "the Tribunal"), under section 27(3) of the Wealth-tax Act, 1957 (for short, "the Act"), in respect of the assessment year 1977-78: "Whether, on the facts and in the circumstances of the case, the In....

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....mount of CDS. Vide his order dated December 4, 1981, the Commissioner of Wealth-tax, exercising jurisdiction under section 25 of the Act, set aside the assessment order dated February 12, 1980, on the ground that the question of valuation of interest of the assessee in Preet Palace Theatre had not been gone into. The assessee preferred an appeal before the Income-tax Appellate Tribunal and s....

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.... since the order sought to be revised did not deal 5 with the question of valuation of interest of the assessee which question was involved at the time of the original assessment finalised vide order dated March 8, 1978, the order of the Commissioner of Wealth-tax could not be sustained. The Tribunal followed its earlier order in W.T.A. No. 5 of 1982. We have heard learned counsel for the Reven....

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....78, wherein the question of valuation of interest of the assessee in Preet Palace Theatre was gone into. Admittedly, the Commissioner has revised the order dated February 12, 1980, which had been passed to regularise the revised return by issuing a notice under section 17 of the Act to tax only the share of immovable properties inherited by the assessee from his father which had earlier been left ....