B.P.Jeevan Reddy, C.J. - (1.) The four questions referred in this reference are identical to the questions which were referred in Wealth-tax Reference No. 1007 of 1978 (CWT v. Pushpawati Devi Singhania [1991] 188 ITR 364 disposed of on November 13, 1990). In the said decision, we held that there was no conflict between Section 24(6) of the Wealth-tax Act and Rule 1D of the Wealth-tax Rules. The same view has been taken in CWT v. Sripat Singhania [1978] 112 ITR 363, a decision of this court.
(2.) For these reasons, question No. 1 is answered in the following terms : Since there is no conflict between Section 24(6) and Rule 1D, the question of one overriding the other does not arise.
(3.) For the same reason, question No. 4 must be answered in the affirmative saying that, even on a reference under Section 24(6), the arbitrators are bound to follow Rule 1D.;