COMMISSIONER OF WEALTH TAX Vs. LUCY KOCHUVAREED

JUDGEMENT

(1.) IN this batch of 18 referred cases--9 at the instance of the Revenue and 9 at the instance of an assessee under the Wealth-tax Act--the INcome-tax Appellate Tribunal has referred the following two common questions of law for the decision of this court:

(2.) THE matter arises under the Wealth-tax Act. THE proceedings relate to the assessment years 1970-71 to 1978-79. THE assessee was the owner of a rubber estate at Thrissur known as Vellanikara Estate. It was demised to a firm, Messrs. Varkey Jacob and Co. THE estate was acquired for the purpose of the Kerala Agricultural University. THE short question that arises for consideration in these cases is the valuation of the property covered by the estate on the respective valuation dates from March 31, 1970, to March 31, 1978. THE following details are relevant in order to decide the controversy involved in this case :

(3.) WE heard counsel for the Revenue, Mr. P. K. R. Menon, as also counsel for the assessee, Mr. N. Srinivasan and Mr. B. Krishnamoni. It is common ground that the circular of the Central Board of Direct Taxes, No. 2D(WT) dated May 15, 1964, annexure-D to the statement of the case, has no application to the instant case. It is also admitted that the decision of the Appellate Tribunal, Hyderabad Bench (WTO v. P. Sriramulu Naidu) largely influenced the Appellate Tribunal to fix the value of the assets on the different valuation dates by adopting the principle laid down by the Hyderabad Bench of the Appellate Tribunal. But, the said decision of the Appellate Tribunal has not been forwarded as an annexure to the statement of the case. A copy of the said order was also not placed before us by the parties to the references. In this state of affairs, it is not possible for this court to satisfactorily and effectively deal with the questions posed before us for consideration, much less to answer the questions referred to this court by the Income-tax Appellate Tribunal. On this short ground, we decline to answer the questions referred to this court,