1985 (10) TMI 32

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....wealth-tax reference application under section 27 (3) of the Wealth-tax Act in respect of the assessment year 1970-71 against the order of the Income-tax Appellate Tribunal in WTA No. 313/JP/1979, dated August 8, 1981, has been preferred before this court. Earlier, the Tribunal was moved to make a reference under section 27(1) of the Wealth-tax Act, but the Tribunal declined to make a reference, v....

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.... to Rs. 74,221. Excluding the value of the aforesaid assets, the wealth is admittedly below the taxable limit. The assessee further submitted that there was no knowledge about the taxability of the aforesaid two assets and, therefore, the belief was formed that the wealth was below the taxable limit. It was also contended that only after the Finance Act, 1971, came into force was personal jeweller....

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....CWT v. Rajmata Smt. Geeta Kumari [1987] 163 ITR 417 (Raj), this court has accepted the finding of the Tribunal for the assessment year 1971-72. We have perused the order of the Income-tax Appellate Tribunal as well as the orders passed by the lower authority and, we are in agreement with the view taken by the Income-tax Appellate Tribunal by its order dated August 8, 1981. The question of fact can....

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....re in agreement with the view taken by hon'ble Agrawal and M. B. Sharma JJ. We are of the view that the Tribunal was justified in rejecting the application for making a reference on the ground that no question of law arises from the order dated August 8, 1981, inasmuch as the question as to whether the explanation offered by the assessee for late filing of the return was reasonable or not, is a pu....