Reference on property valuation and reversionary value raised questions of law, requiring the Tribunal to state the case.

The petition was limited to a single assessment year because separate petitions are required for different assessment years. On the merits of the reference application, the valuation of the assessee's property, including the reversionary value, was held to raise referable questions of law. The Tribunal was therefore directed to state the case and refer the specified questions of law.

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Issues: Whether the Tribunal should be directed to state the case and refer the questions of law arising from the valuation of the assessee's property for the assessment year 1967-68.

Analysis: The petition was confined to one assessment year because separate petitions are required for different assessment years. On the merits of the reference application, the Court found that the questions raised on valuation of the property and inclusion of reversionary value raised referable questions of law warranting a statement of case by the Tribunal.

Conclusion: The petition was allowed and the Tribunal was directed to state the case and refer the specified questions of law.

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