COMMISSIONER OF WEALTH TAX Vs. R S TANDON

JUDGEMENT

(1.) THE Tribunal has referred the following question for the opinion of this Court under S. 27 of the WT Act, 1957 (hereinafter referred to as "the Act") :

(2.) THE facts giving rise to the above reference being made to this Court are that Wenger's Building was purchased by the firm, Wenger and Company, from Dayal Singh Trust Society and Shri Mool Chand Kharaiti Ram Trust, vide sale deeds dt. 9th March, 1962, and 28th Sept., 1963, for Rs.

(3.) THE CWT (A), relying on an earlier order in the case of another partner of the same firm, directed the WTO to recompute the market value of the property in question. He also directed deletion of the amount added on account of reversionary value of the property. The Revenue appealed to the Tribunal saying that the inclusion of the reversionary value of the land was fully justified. The Tribunal held against the Revenue which has led to the present reference being made.