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Judgment
In this Wealth Tax Reference following questions have been framed for our opinion :
"1. Whether on the facts and in the circumstances of the case and in view of the provisions of rule 2B(2) of Wealth Tax Rules, 1958, the Tribunal was legally correct in holding that the value of the closing stock as per balance sheet, maintained by the firm on cost basis should be taken to be the value for the purposes of the Wealth Tax Act?
Whether on the facts and in the circumstances of the case the Tribunal was legally correct in holding that the activity of the firm M/s. Jai Prakash Nath and Co., in which the assessee is a partner amounted to processing of goods?
Whether on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the firm M/s. Jai Prakash Nath and Company, was an industrial under taking within the meaning of Explanation to section 5(1)(xxxii)?"
The Tribunal, while deciding this case, has relied upon a judgment in the case of one of other partners in CWT v. B.N. Gupta 1999 UPTC 619 in respect of which the reference was made, and this court refused to answer the reference for the reason that the amount of tax involved was very less.
In this reference also in the four assessment years, the petty amount of tax is involved.
Therefore, we return the reference unanswered.