1996 (9) TMI 24

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....nder section 27(1) of the Wealth-tax Act, 1957, and with regard to the assessment years 1970-71 and 1971-72, respectively. The questions that expect our answer are as follows : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in adopting the valuation as determined in its order for the assessment years 1970-71 and 1971-72 in respect of the decree ....

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....ard to R. A. Nos. 240 to 243 referred to above, by the judgment of this court dated February 23, 1989. A copy of the said judgment has been made available to us by learned senior standing counsel for taxes. The basic question is taken up for consideration by this court to conclude the position once and for all. It is not a coincidence that the proceedings of the suit involved therein is the same s....

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....above aspects. In the process of reasoning, this court has observed that the valuation of the asset, that is the decree obtained by the assessee was determined by the Tribunal after reckoning the realities of the situation and on an appraisal of all the relevant factors. This court therein placed reliance on two decisions of the Supreme Court in CWT v. Maharaja Kumar Kamal Singh [1984] 146 ITR 202....