1988 (5) TMI 13 - HC - Wealth-tax

Summary

The High Court of Rajasthan allowed the application under section 27(3) of the Wealth-tax Act, directing the Tribunal to refer questions of law regarding the applicability of rule 2B(2) of the Wealth-tax Rules and the exemption claimed under section 5(1)(xxxii) of the Wealth-tax Act for the assessment year 1978-79. The court held that questions of law arise concerning the onus of proving market value of closing stock and the exemption claimed by the assessee. The Tribunal was directed to refer these questions to the court for decision.