1989 (8) TMI 33

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....e all these petitions involve a common question of law, they are heard together and are being disposed of by a common order. This order shall govern the disposal of all these petitions. This is a petition under section 27(3) of the Wealth-tax Act, 1957 (for short, "the Act"), praying for calling a reference of the case from the Income-tax Appellate Tribunal, Bombay Bench "A", Bombay. Brief facts....

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....the said order, the Wealth-tax Officer, Indore, revised the net wealth assessed for the respective assessment years from the assessment years 1962-63 to 1971-72, by making an addition of Rs. 13,80,000 in each year, treating the same as the fair market value of the jewellery sold as on the date of sale. The revised orders were the subject-matter of appeals by the assessee. The appeals were dismiss....

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.... has rightly arrived at the conclusion that no referable question of law arises out of the order dated May 15, 1987, passed by the Tribunal. It was urged by Shri Samvatsar, learned counsel for the Department, that the matter is now pending before the Supreme Court. As has been held by a Division Bench of the Madras High Court in CIT v. Carborandum Universal Ltd. [1985] 156 ITR 1, the High Court i....