1989 (8) TMI 57 - HC - Wealth-tax

Summary

The High Court of Madhya Pradesh allowed the application under section 27(3) of the Wealth-tax Act, 1957. The court directed the Tribunal to refer a question of law regarding the inclusion of gifted shares under section 34B of the Act. The Commissioner of Income-tax (Appeals) decision was upheld, and parties were ordered to bear their own costs.