https://www.taxtmi.com/caselaws?id=23488 The High Court held that the Tribunal's choice of valuation method raised questions of law fit for reference under section 7(1) of the Wealth-tax Act. It rejected the assessee's objection that no legal question arose merely because the Tribunal had adopted a particular method, distinguishing authority where the issue was confined to a factual finding on a recognised and reasonable valuation approach. The Court therefore directed the Tribunal to state the case and refer two questions: whether the income-mobilisation basis was legally correct for determining fair market value of the cinema building and, if not, what the correct fair market value of the assets should be. en-us Fri, 15 Dec 1989 00:00:00 +0530 Sat, 19 Dec 2009 15:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23488 The High Court held that the Tribunal's choice of valuation method raised questions of law fit for reference under section 7(1) of the Wealth-tax Act. It rejected the assessee's objection that no legal question arose merely because the Tribunal had adopted a particular method, distinguishing authority where the issue was confined to a factual finding on a recognised and reasonable valuation approach. The Court therefore directed the Tribunal to state the case and refer two questions: whether the income-mobilisation basis was legally correct for determining fair market value of the cinema building and, if not, what the correct fair market value of the assets should be. Case-Laws Wealth-tax Fri, 15 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23488