1990 (5) TMI 35

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....ication under section 27(3) of the Wealth-tax Act, 1957, in respect of the assessment year 1975-76, arising out of the Wealth-tax Appeal No. 245 /JP of 1987, dated November 23, 1987. The assessee declared the value of "Zoraster Haveli", Jaipur, at Rs. 2,08,017. The Valuation Officer determined the value of this property as on October, 1973, at Rs. 6,41,000 by the order under section 16A(5) dated J....

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....owned by the firm, and, therefore, additional wealth-tax could not be charged as the building was used only for the purpose of business. Thereafter, an application moved by the Department for making reference to the High Court was rejected. The questions sought to be referred are mentioned at page 27, as under : "1. Whether, on the facts and in the circumstances of the, case, the Tribunal was r....

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....ing is assessed as business income. Hence, it could not be said that it was not an urban business asset. The second question sought to be referred by the Department was regarding the valuation of Prem Prakash Cinema building. Both these questions referred to above were held by the Tribunal to be basically questions of fact. Under the first question, the controversy was whether the building of P....