COMMISSIONER OF WEALTH TAX Vs. R RAMANATHAN CHETTIAR

JUDGEMENT

(1.) AT the instance of the Revenue, pursuant to the order of this Court dated 14. 3. 1989 in T. C. P. Nos. 234 to TO 239 of 1988 under section 279 (3) of the Wealth-tax Act,1957, the Appellate Tribunal has stated a case and referred the following common question of law for our opinion:

(2.) THE brief facts, necessary for answering the question referred to above, are as under:-

(3.) HEARD learned counsel appearing for the Revenue. It is not in dispute that the issue raised in this reference, namely, whether it is permissible for the assessing officer to enhance the value of precious stones in reassessment proceedings by adopting the value which is different from the one adopted in the original assessment has been set at rest by the Supreme court in Commissioner of Income-tax Vs. Simon Carves Ltd. (105 ITR 212)wherein the Apex Court held as under:-