- (1.) On an application under Sec. 27(3) of the Wealth -tax Act, 1957, this court has directed the Tribunal to refer the following questions set out at page 2 of the paper book : "1. Whether, the finding of the Tribunal that the trust as a whole was a public religious trust is based on any relevant materials or is perverse ? 2. Whether the finding of the Tribunal that the assessee did entertain a bona fide belief that it was not liable to wealth -tax is based on any relevant materials or is perverse ? 3. Whether the Tribunal is justified in law in holding that the trust was a public religious trust exempt from wealth -tax under Sec. 5(1)(i) of the Wealth -tax Act, 1957 -
(2.) The assessee, Estate R. P. Kayam Trust, filed wealth -tax returns in response to the notice issued under Sec. 17 of the Wealth -tax Act, 1957, for the assessment years 1965 -66 to 1973 -74 on July 26, 1974, and for the assessment year 1974 -75 on August 25, 1975. In each of the years the assessee declared a net wealth of Rs. 5,11,500 and mentioned in Part III of the return that the net wealth was exempt under Sec. 5(1)(i) of the Wealth -tax Act.
(3.) The Income Tax Officer did not accept the claim. He assessed the wealth for wealth -tax purpose on completion of the assessment under Sec. 16(3) of the said Act. The Wealth -tax Officer has also initiated penalty proceedings under Sec. 18(1)(a) for the delay in filing the returns. In appeal before the Commissioner of Wealth -tax (Appeals), the Commissioner of Wealth -tax (Appeals) has also dismissed the appeal.;