COMMISSIONER OF WEALTH TAX Vs. VALLABH DAS

JUDGEMENT

(1.) ON an application filed under Section 27(1) of the Wealth-tax Act, 1957, the Tribunal has referred the following questions for the opinion of this court :

(2.) WHETHER, on the facts and in the circumstances of the case, the Tribunal was right in allowing a deduction of Rs. 50,000 from the fair market value of 'Himanshu Bhawan' on account of declaration made by the assessee under Section 3(1) read with Section 13 of the Voluntary Disclosure of Income and Wealth Act, 1976 ?"

(3.) THE fact in the case in hand is that the assessee has disclosed Rs. 50,000 under the voluntary disclosure scheme and claimed deduction of Rs. 50,000 out of the value of the house in question.