Law:

Section:

Section 27(3), read with section 17(1)(a), of the Wealth-tax Act, 1957 - Reference - Question of fact - Whether findings by Tribunal that there was no omission on failure of material facts on assessee's part is a finding of fact - Held, yes FACTS For the relevant assessment years, the assessment proceedings were finalised but subsequently these proceedings against the assessee were sought to be reopened under section 17(1)(a) on the ground that the assessee had omitted or failed to disclose certain land which was not agricultural land in the return filed. The WTO and the Commissioner rejected the assessee's plea that the land in question was agricultural land and was not covered by the definition of the term 'asset' and that there was neither omission nor failure on his part to disclose material facts. On second appeal, the Tribunal allowed the assessee's plea holding that there was no omission or failure on the part of the opposite party to disclose fully and truly all material facts for assessment during the relevant assessment years. The Tribunal also rejected the revenue's reference application under section 27(1). On an application under section 27(3) : HELD In CIT v. Lakhiram Ramdas [1962] 44 ITR 726, the Supreme Court held that the finding that there was no omission or failure as contemplated by section 34(1)(a) of the 1922 Act was a finding of fact, section 34(1)(a) of the 1922 Act and section 27(3) are in pari materia. Thus, it was apparent that the finding of the Tribunal in the instant case was essentially a finding of fact. Accordingly, no question of law arose from the said order of the Tribunal. CASE REVIEW CIT v. Lakhiram Ramdas [1962] 44 ITR 726 (SC) applied and relied upon. CASES REFERRED TO CIT v. Lakhiram Ramdas [1962] 44 ITR 726 (SC). Markandey Katju for the Applicant. R.K. Gulati for the Respondent. ORDER Ojha, J. -Proceedings for assessment under the Wealth-tax Act, 1957 ('the Act') in regard to the assessment years 1967-68 to 1969-70 were initiated against the opposite party and were finalised. Subsequently these proceedings were sought to be reopened under section 17(1)(a) of the Act on the ground that there had been omission or failure…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492