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Section 27A of the Wealth Tax Act, 1957 - High Court - Reference to If there is failure by Revenue to frame proper ground in appeal memo there is power in High Court, after it has been brought to its notice that an issue arose which required to be answered but had not been properly raised, to consider said issue Proviso to sub-section (5) to section 27A, permits the High Court to frame any other substantial question of law not formulated if the Court is satisfied that the case involves such question. Wrong drafting by the draftsman cannot result in the Court being prevented from looking at the correct issue and having the issue answered. Law would be much poorer if the court is precluded itself from doing so. Thus, where there is failure by Revenue to frame proper ground in appeal memo there is power in the High Court, after it has been brought to its notice that an issue arose which required to be answered but had not been properly raised, to consider the said issue. Vimal Gupta and P. S. Sahadevan for the Appellant. J. B. Mistry and Raj Darak for the Respondent. JUDGMENT Admit. The Revenue has preferred this appeal on the following questions of law: "(a) In the facts and circumstances of the case and in law, whether the rent and deposits received by the intermediary tenant from the ultimate user of the premises or the rent and deposit received by the assessee from the intermediary tenant, who never occupied the premises is to be taken for the computation of the net wealth of the assessee for valuation under rule 3 of Part B of Schedule III to the Wealth-tax Act, 1957 ? (b) Whether the assessee could be allowed deduction under section 2(m) of the Wealth-tax Act, 1957, of the debts owed on pro rata basis without the assessee establishing that the debts were incurred in relation to assets which formed part of the net wealth of the assessee ?" In so far as question (a) is concerned, the same does not survive in view of the judgment of this court in CIT v. Akshay Textiles Trading Agencies P. Ltd. [2008] 304 ITR 401 (Bom.) decided in Income-tax Appeal No. 607 of 2005 on October 17, 2007. In so far as question (b) is concerned, we find that the said question was…

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