COMMISSIONER OF WEALTH TAX Vs. SHEILA KAUSHISH

JUDGEMENT

(1.) The question of law which is sought to be referred at the instance of the petitioner relates to the valuation of property at No. 15, Original Road, New Delhi.

(2.) The said property has been let out and the Wealth-tax Officer computed its value at Rs. 4,17,000 accepting the valuation of the respondent. The Commissioner of Wealth-tax revised the said order and came to the conclusion that the value of land could have been taken at Rs. 250 per sq. yard and, while giving certain directions, he set aside the order of the Wealth-tax Officer and directed him to recompute the value. An appeal was filed by the respondent before the Tribunal. The Tribunal came to the conclusion that there was no infirmity in the order passed by the Wealth-tax officer and the order was not prejudicial to the Revenue. It was also observed that apart from the fact that the property had been correctly valued by the respondent even otherwise, the valuation could have been on the basis of the standard rent.

(3.) The respondent then applied to the Tribunal for seeking to refer the following three questions of law to this court :