1995 (10) TMI 41

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....is is an application under section 27(3) of the Wealth-tax Act, 1957 (hereinafter called "the Act"), seeking for a direction to the Income-tax Appellate Tribunal to state a case and refer the following question of law in respect of the assessment year 1982-83 : " Whether the Tribunal was correct in law on the facts of the case in directing the Wealth-tax Officer to adopt the market value of the....

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....yield method instead of the break-up value under rule 1D of the Rules. Consequently, the Revenue filed a reference application seeking reference to this court on the question referred to in paragraph I hereinbelow. The Tribunal, however, held that the answer to the question sought for by the Revenue is self-evident in view of the answer in the case of Sharbati Devi Jhalani [1986] 159 ITR 549 (Delh....

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....ion 27(3) of the Wealth-tax Act, 1957, into a reference, in view of the fact that the question of law that is sought to be referred to this court by the present application is concluded by the aforesaid decision of the Supreme Court in Bharat Hari Singhania [1994] 207 ITR 1. The Supreme Court has held that the fact that there may be fluctuations between the date of the balance-sheet of the company....