1988 (5) TMI 20

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....Act, 1957, is to direct the Tribunal to state the case and refer certain questions of law said to arise out of the Tribunal's order. The Commissioner had applied to the Tribunal for referring these questions of law arising out of the Tribunal's order under section 27(3) of the Act. These questions relate to the applicability of rule 2B(2) of the Wealth-tax Rules, 1957, and exemption claimed by the....

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.... of invoking the aid of rule 2B(2) arose. This question, therefore; does not arise out of the Tribunal's order. Accordingly, refusal by the Tribunal to refer this question is justified. The remaining question is with regard to the exemption claimed under section 5(1)(xxxii) read with the Explanation to section 5(1)(xxxi) of the Wealth-tax Act, 1957. In our opinion, a question of law does arise ....