G N DALMIA Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THESE are two applications under S. 27(3) of the WT Act, 1957, by the assessee pertaining to the asst. yrs. 1971 -72 and 1972 -73 and seek reference of the same six questions said to be questions of law for the two years. The questions are as follows : "1. Whether the Tribunal is correct in holding that it is implicit that what is shown by the applicant in the wealth -tax returns will be accepted by the WTO if it is higher than the valuation of the property arrived at by the application of the said rule I BB of the WT Rules? Whether the Tribunal is Tight in holding a principle that value cannot be less than returned and returned value to be a minimum value below which assessment of value cannot be made, rather than an estimate of fair market value?

(2.) WHETHER the Tribunal was correct in indirectly binding the lower authorities not to determine the value of the property below the figure given in the return ?

(3.) WITHOUT prejudice to the other question of law whether the Tribunal was right in not having it clearly brought out in their order setting forth clearly that the returned value at 75 per cent unearned increase/subject to 75 per cent unearned increase (which is the correct and the amount of Government deduction for unearned increase, in the instant property, fully accepted and incorporated by the wealth -tax authorities below), and which in effect is the value of net wealth returned, rather than at 50 per cent unearned increase, will be accepted by the WTO if it is higher than the valuation arrived at as per r. 1BB? Whether the Tribunal was right in not setting forth clearly in its order that the returned net wealth was on the basis of the valuation report including subsequent rectification by the registered valuer ?