1992 (11) TMI 7

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....x case petitions under section 27(3) of the Wealth-tax Act, 1957, the Revenue seeks a direction to the Tribunal to refer the following two common questions of law, for the assessment years 1973-74 to 1986-87 : " 1. Whether the Appellate Tribunal was right in law in not considering the relevant material on record, namely, the assessee's letter dated January 10, 1987, and referred to in the asses....

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.... Wealth-tax concluded that the debt of Rs. 6,29,367 could not be included in the wealth of the assessee as an asset and the assessing authority was directed to delete the same from the assessable wealth for the assessment years in question. The Tribunal had found that the debt of Rs. 6,29,367 due to the assessee from the adopted son of the borrower, E. M. Gopalakrishna Kone, should not be inclu....