Law: Wealth Tax Act, 1957

Section: 7(4)

Wealth tax--- ---- Reference--Questions whether Tribunal rightly interpreted section 7 (4) of Indian Wealth-tax Act, 1957 and sustained addition of rupees 1 lakh; whether rejection of claim for deduction of liability under Balrampur Tenantry War Loan is correct and whether Tribunal's reversal of the findings of Settlement Commission for earlier years is correct are questions of law fit to be referred-­Indian Wealth-tax Act, 1957, S.27 (3): Held, that (i) whether the Tribunal rightly interpreted the provisions of section 7 (4) of the Indian Wealth-tax Act, 1957, and was right in sustaining the addition of rupees one lakh; (ii) whether the Tribunal was correct in law in rejecting the claim for deduction of the liability under Balrampur Tenantry War Loan; and (iii) whether the Tribunal's reversal of the findings of the Settlement Commission for earlier years was sustainable, were questions of law fit to be referred to the High Court. JUDGMENT Upon hearing the parties, we are of the view the questions Nos.3, 4 and 5 are questions of law but question No.3 requires to be…

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