L.Narasimha Reddy, J. - (1.) AN important question of law arises for consideration in this reference made to this Court under Section 27(3) of the Wealth Tax Act (for short 'the Act') and an appeal filed under Section 27 -A thereof. It is as to, whether the Income Tax Appellate Tribunal has the power to recall and review its own order, which assumed finality and rehear the appeal.
(2.) THE facts, in brief, are as under: The appellant is an Advertising Agency. As part of its business, it erected as many as 1665 hoardings at various places. In the returns that were submitted by the appellant, for the financial year 1991 under the Act, the Wealth Tax Officer (WTO) treated each hoarding as an asset by itself, and estimated their value @ Rs. 2,500/ -, each. Accordingly, the value thereof was fixed at Rs. 41,62,500/ -. The appellant filed an appeal before the Commissioner of Wealth Tax (CWT). Through an order, dated 04.08.1994, the Commissioner agreed with the principle adopted by the WTO, i.e. to treat a hoarding as an asset, but reduced the value to Rs. 1,500/ -, each. While the appellant filed W.T.A. No. 148 of 1994 before the Income Tax Appellate Tribunal, Hyderabad, dissatisfied with the order passed by the CWT, the Department filed W.T.A. No. 203 of 1994, feeling aggrieved by the reduction of value. Though both the said appeals have arisen out of the order, dated 04.08.1994, for some reason or the other, the Tribunal has taken up W.T.A. No. 148 of 1994 i.e. the assessee's appeal, alone for hearing and allowed it, through order, dated 04.06.1996. The judgments of the Supreme Court in Commissioner of Wealth Tax v. Smt. R.A. Muttukrishna Ammal : 72 ITR 801 and F.S. Gandhi v. Commissioner of Wealth Tax, 184 ITR 35 were relied upon. The Department filed R.A. No. 525 of 1996 to get the matter referred to this Court. That, however, was dismissed, on 26.03.1997. No further steps were taken in that behalf.
(3.) W .T.A. No. 203 of 1994 was taken up for hearing in the year 1998. Though that appeal alone was pending, W.T.A. No. 148 of 1994, was also taken up for hearing ignoring the fact that it was allowed way back on 04.06.1996. The record does not disclose as to whether the Tribunal passed any specific order recalling its order, dated 04.08.1994 in W.T.A. No. 148 of 1994. Through its common order, dated 27.01.1998, the Tribunal dismissed, W.T.A. Nos. 148 and 203 of 1994.;