1995 (11) TMI 41

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....I J.---The Revenue seeks reference of the following questions for reference under section 27(3) of the Wealth-tax Act, 1957, for consideration : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that for the purpose of valuation of the jewellery under section 7(1) of the Wealth-tax Act, 1957, the alleged uncertainties, hazards, risks of litigat....

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....he circumstances of the case, the Tribunal was correct in law in allowing the exemption under section 5(1)(xii) of the Wealth-tax Act in respect of seven items of jewellery, claimed to represent art treasures ? 5. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that under section 16A of the Wealth-tax Act, the Wealth-tax Officer would be en....

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....y to the assessment made under section 21(1) of the Wealth-tax Act ? 8. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in confirming the decision of the Commissioner of Wealth-tax (Appeals)-I fixing the value of the fund at 50 per cent. of the value fixed by the departmental valuer, Sri Jayant N. Chowlera, when the departmental valuer....

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....of 1991 is pending on this point. Questions Nos. 6 and 7 do not arise out of the order of the Tribunal and, therefore, they need not be referred. Accordingly, we direct the following questions which have a bearing on the question of valuation to be referred for the opinion of this court in addition to question No. 3 already referred by the Tribunal : " (1) Whether, on the facts and in the ci....