1988 (7) TMI 15

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....under section 27(3) of the Wealth-tax Act, 1957, and pertain to the assessment years 1963-64, 1964-65 and 1966-67 to 1972-73. In these applications, the assessee has asked for the following three questions to be referred : "1. Whether, on the facts and in the circumstances of the case, the Tribunal erred in law in holding that the valuation of the property computed in accordance with the ....

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.... property was situated in an area which had been earmarked for high rise public sector buildings were not relevant for determining the valuation of the property ?" 2. However, at the time of the argument, Mr. Harnam Shankar stated that he was pressing only question No. 1 as question No. 2 is already covered by the question referred by the Tribunal as per its order dated January 23, 1981. He con....

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.... property in the light of the principles laid down by the Supreme Court in CWT v. Sikand (P. N.) [1977] 107 ITR 922. Consequently, the Tribunal directed the Wealth-tax Officer "to recompute the value of the property in different years in the light of the above directions" but indicated that the recomputed value will not be less than that returned by the assessee in those years. 4. The assessee ....

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....herein this court has referred a similar question, i.e., "Whether the Tribunal is right in holding as implicit that what is shown by the assessee in the wealth-tax returns will be accepted by the Wealth-tax Officer, if it is higher than the valuation of the property arrived at by the application of rule 1 BB of the Wealth -tax Rules ". 7. The basic question is if the value as calculated under r....