Commissioner of Wealth-tax vs V. Ramakrishnan

Ratnam, J.—In these tax case reference u/s 27(1) of the Wealth-tax Act, 1957, at the instance of the Revenue, the following common

question of law has been referred to this court for its opinion :

Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the advance tax paid and shown on the

assets side of the balance-sheet should not be deducted from the tax payable in determining the provision for taxation which is deductible as a

liability while computing the value of unquoted equity share under rule 1D for wealth-tax purposes ?

We find that the common question so referred is governed by the decision reported in L.G. Balakrishnan and Others Vs. Commissioner of

Wealth-tax, . It is also not in dispute that the answer returned in the said decision would govern these references. In that view, we answer the

common question referred to us in the affirmative and against the Revenue. There will be no order as to costs.