1992 (12) TMI 235

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....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 departmental appeal on the ground that it could not be sh....

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....n 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 1977-78 dated 3-11-1979. The Tribunal held that it could not be shown on behalf of the appellant-revenue that the consolidated appellate ord....

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....ribunal. 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 reference in the High Court, bearing No. 53 of 1983, in which the matter has been sent back to the Tribunal. 3. In view of this judgment, we are of ....