N.D. Ojha, J.

1. In pursuance of the direction of this court dated October 4, 1976, in Wealth-tax Application No. 733 of 1976 made under Section 27(3) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act'), the Income-tax Appellate Tribunal, Allahabad Bench, Allahabad, has made this reference for the assessment years 1967-68 to 1965, 70.

2. Sri R.K. Gulati, counsellor the applicant, has made a statement before us that since an application under Section 18B of the Act made by the applicant before the Commissioner of Wealth-tax in respect of the assessment year 1969-70 has already been allowed, this reference as regards the assessment year 1969-70 is not pressed. In this view of the matter, this reference is being considered in regard to the assessment years 1967-68 and 1968-69 only. The assessee-applicant is an individual. The valuation date is 31st of March of each year. The assessee-applicant submitted his returns pertaining to these two years on July 2, 1970, even though the returns were due on or before June 30, 1967, and August 31, 1968, respectively. The Wealth-tax Officer completed the assessment for the aforesaid two years on total wealth of Rs. 1,66,623