COMMISSIONER OF WEALTH-TAX Vs. JAGDEV INDER SINGH

JUDGEMENT

(1.) ON the asking of the Revenue as well as the assessee, the Income-tax Appellate Tribunal referred questions of law along with the statement of case to this court. At the instance of the Revenue, the following question of law was referred :

(2.) AT the instance of the assessee, the following two questions were referred :

(3.) THE brief facts, on the basis of which these questions have been referred, may be noticed ; The assessment year is 1974-75. The land of the assessee was acquired under the provisions of the Land Acquisition Act. On the basis of the award given by the Land Acquisition Collector, fixing the market value of the acquired land at the rate of Rs. 9 per square yard, the assets of the assessee were so determined. One of the questions referred was regarding treating the agricultural land so valued as "business premises" and thus exempt from charge of additional wealth-tax. As far as the question referred at the instance of the Revenue is concerned, this has already been answered against the Revenue in several judicial pronouncements of this court such as CWT v. Hari Singh [1980] 123 ITR 558, CWT v. Smt. Devinder Kaur [1984] 146 ITR 234 and CWT v. Jaidev Inder Singh [1992] 195 ITR 367. No detailed discussion on the question is necessary. While agreeing with the view already expressed by this court in the references aforesaid, we answer the question in affirmative, against the Revenue.