- (1.) The respondent has been served but has not chosen to put in an appearance.
(2.) The High Court, by the order under challenge, declined to call for a reference of the following question : Whether the High Court was correct in law and facts in holding that the value of shares gifted by the assessee to his wife only as amount of Rs. 92,000.00 is including in the net wealth of the assessee It did so on the basis that the answer to the question was self-evident. The Revenue is in appeal by special leave against that order.
(3.) A similar question was before this Court in CWT V/s. Kishan Lal Bubna, 1993 204 ITR 600 and the question was answered in favour of the Revenue. Since, however, the assessee does not appear before us, we deem it appropriate to direct the Tribunal to refer to the High Court for its consideration the question set out above with due regard to the aforementioned judgment of this Court. The civil appeal is allowed. The order under appeal is set aside. The Tribunal shall refer the afore-mentioned question to the High Court after drawing up an appropriate statement of case. No order as to costs.;