Law:

Section:

AJIT K. SENGUPTA, J: --In this reference under section 27(1) of the Wealth Tax Act, 1957, for the assessment year 1976-77, the following question of law has been referred to this Court:

"Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Commissioner of Wealth-tax was wrong in invoking the provisions of section 25(2) of the Wealth Tax Act, 1957, inasmuch as the Wealth Tax Officer had not committed any error in excluding the value of the immovable property from the net wealth of the assessee because the ownership of the said property was not transferred by the vendor to the assessee by execution and registration of a deed of sale?"