1992 (12) TMI 235

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.... This Reference under section 27 of the Wealth-tax Act, 1957 ('the Act') has been made by the Tribunal, Jaipur Bench, Jaipur, out of the order dated 24-6-1981 in respect of the assessment years 1972-73 to 1976,-77. The following question of law has been referred:  Whether, on the facts and in the circumstances of the case, the Tribunal was justified in dismissing the departme....

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....1976-77  4,54,813 The assessee claimed the aforesaid liability which was refused by the WTO on the ground that the matter has been challenged by the department before the Tribunal and the assessee has also challenged his liability in the High Court. The appeal before the AAC was allowed following the decision given by him in Surendra Pratap Jaiswal's appeal Nos. 1033, 1032, 1031 of ....

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....entered into with the Government of Rajasthan for lifting the particular quantity of country liquor was challenged by the revenue before the Tribunal. While deciding the appeal of the revenue it was held that though the liability was a trading liability it was not in existence and the decree was given in favour of the firm by the District and Civil Judge, Kota. The assessee had preferred a referen....