1990 (6) TMI 12

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....ise under the Wealth-tax Act, 1957. At the instance of the assessee, the Income-tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the proceedings under section 35 of the Wealth-tax Act, 1957, were valid in law ? The respondent is the Revenue. We are concerned with the assessment year....

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....e that the question of law, formulated hereinabove, has been referred for the decision of this court by the Income-tax Appellate Tribunal. We heard counsel. It was argued that the sum of Rs. 1 lakh to be paid to the assessee after the expiry of five years as per the will of Mr. M. K. Jinachandran will be an asset, if at all, only on or after January 30, 1975, and so the said sum could not have ....

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....e records. We have to understand the question referred to us as stating, "whether, in the light of the finding of the Appellate Tribunal that there is a mistake apparent from the records, the proceedings under section 35 of the Wealth-tax Act, 1957, were valid in law ?" In so far as the finding of fact made by the Appellate Tribunal that there is a mistake apparent from the records is not challeng....