(1.) AT the instance of the Revenue, the Tribunal has referred the following two questions of law arising from its order under section 27(1) of the Wealth-tax Act, 1957 ("the Act", for short), for the opinion of this court :
(2.) THE facts leading to the above reference are as hereunder :
(3.) BEFORE considering the question as to whether the Assessing Officer had committed any error in adopting the land and building method to determine the market value of the property, we may deal with the contention of the Government Advocate that, because the Assessing Officer has failed to follow the method laid down in the Departmental circular, the order is vitiated. The circular relied upon by the Government is extracted in CWT v. V. C. Ramachandran [1966] 60 ITR 103 (Mys), at page 110. That circular reads as hereunder :