ILLAHI BAKSH Vs. COMMISSIONER OF WEALTH TAX BANGALORE

JUDGEMENT

(1.) These references arise under the Wealth tex Act, 1357 (in short the Act). While T.R.C. Nos. 18 & 19/81 are by the same assesses for the assessment years 1974-75 and 1975- 76, respectively, T.R.C. No. 17/81 is by another assessee for the assessment year 1975-76.

(2.) The assessee in each of thesereferences is a partner in a firm known as M/s. Hotel Hindustan having onefourth share each and one of the properties of the said firm is a hotel building. Each of the assessee aiso has one-fourth share holding as co-owner in respect of the building known as Himalaya Talkies. These assets were valued for the year ending 31-3-1975 at Rs. 27,64,500/- in respect of the hotel building and at Rs. 6,46,000/- in respect of the talkies.

(3.) The Wealth-tax Officer computed the market value of these assets onthe basis of the valuation report and brought to tax a sum of Rs, 1,61,500/- as one-fourth share in Himalaya talkies and a sum of Rs. 3,45,024/- as onefourth value of the hotel building by name hotel Hindustan, in addition to what was shown by the assessees. Against the said assessment each of these assessees filed appeals before the Appellate Assistant Commissioner, who confirmed the order of the Wealth-tax Officer. When the matters were taken up in second appeals, the Tribunal laccepted the valuation adopted by the ower authorities. Thus, aggrieved by- the orders mads by the Tribunal, at the instance of the assessees, the Tribunal has stated the case and referred for the opinion of this Court the following common question of law :