Valuation under Rule 1BB treated as a referable question of law, with the Tribunal directed to seek High Court opinion.

The question whether valuation of a residential property had to be computed under Rule 1BB of the Wealth-tax Rules, 1957 was treated as a question of law fit for reference. The High Court accepted that the valuation controversy required judicial determination and directed the Appellate Tribunal to refer the stated question for its opinion. The application was therefore allowed, with the Tribunal required to place the question before the High Court.

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Issues: Whether the question proposed by the applicant was a question of law warranting a reference to the High Court, and whether the Appellate Tribunal was correct in directing computation of the value of the residential property in accordance with Rule 1BB of the Wealth-tax Rules, 1957.

Analysis: The question was treated as one of law fit for reference. The Court directed the Appellate Tribunal to refer the stated question for opinion, accepting that the controversy about valuation under Rule 1BB required judicial determination.

Conclusion: The application was allowed and the Tribunal was directed to refer the question to the High Court.

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