ORDER

Civil Appeal No. 1858 of 2002:

This appeal, by the Revenue, arises from the common order passed by the High Court of Gujarat on an application under Section 27(3) of the Wealth Tax Act declining to direct the Income Tax Appellate Tribunal (for short, the Tribunal ) to state the case and refer to it the following question of law:

"Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the Commissioner of Wealth-tax (Appeals) directing the Assessing Officer to exclude the value of the assets transferred to B.O.Is. from the wealth of the assessee?"

2. In the order under challenge, the High Court mentioned two grounds for rejection of the application under Section 27(3) of the Wealth Tax Act, namely, (1) the decision of the Tribunal is on the question of fact emanating from the record and no question of law arises out of it; and (2) relied upon the judgement of the Gujarat High Court in Sunil J. Kinariwala vs. Commissioner of Income Tax [(1995) 211 I.T.R. 127].

3. Mr. Ranbir Chandra, learned counsel for the Revenue, contends that as this Court has reversed the judgement of the High Court of Gujarat in Sunil J. Kinariwala (supra), this appeal