Commissioner Of Wealth-Tax vs Lloyd Insulation (I.) (P.) Ltd.

The Supreme Court held that the High Court's refusal to call for a reference regarding the questions proposed by the Revenue under the Wealth-tax Act, 1957 was erroneous. Specifically, the Court found that the second question regarding the lack of knowledge of law as a reasonable cause for late filing of returns constituted a question of law, necessitating a reference to the High Court. Consequently, the Court set aside the High Court's order and directed the Tribunal to refer the questions for opinion.