HARSHADKUMAR S MEHTA Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THE assessee-applicant has moved an application under S. 27(2) of the WT Act, 1957 requesting this Court to permit the Tribunal to refer the questions of law mentioned therein. This Court, accordingly, passed an order on statement of case and in pursuance of the said directions, the following questions of law were referred for the opinion of this Court :

(2.) HEARD Mr. B.D. Karia, the learned advocate appearing for the applicant and Mr. B.B. Naik, the learned senior standing counsel appearing for the Revenue. At the outset, it is to be noted that though the Tribunal's order is in respect of 7 years, that is, for the asst. yrs. 1973-74 to 1979-80, the questions referred to this Court are in respect of only one asst. yr. 1973-74. It appears to us that either there might be some typographical error or omission due to which reference for other assessment years was not made, or the assessee has preferred reference for only one assessment year, this is, 1973-74. Be that as it may, we are concerned with the asst. yr. 1973-74 only in the present reference before us.

(3.) THE only dispute involved in the present reference is in respect of valuation of house property known as 'Morvi House' which comprises of permanent leasehold land admeasuring about 16,505 sq. yds. and 5 sq. ft. The superstructure on it consists of (1) double storeyed main bungalow, (2) double storeyed guest-house, (3) quarters for staff and servants and (4) garages and sanitary block.