- (1.) The Income-tax Appellate Tribunal, Allahabad, has referred the following question of law under Section 27(1) of the Wealth-tax Act, 1957, hereinafter referred to as "the Act", for opinion to this Court : Whether, in law and on facts of the case the Income-tax Appellate Tribunal was justified in excluding the amount deposited under C.D.S. from the net wealth of the assessee ?
(2.) The present reference relates to the assessment year 1978-79.
(3.) Briefly stated the facts giving rise to the present reference are as follows :;