COMMISSIONER OF WEALTH TAX Vs. S K GOLECHA

JUDGEMENT

(1.) ON an application under Section 27(1) of the WT Act, the Tribunal has referred the following question :

(2.) THE assessee -HUF is a partner in a partnership firm of M/s S. Zoraster and Co. which, Inter alia, owns an immovable property known as Prem Prakash cinema building. The assessee -HUF declared the value of its interest in the said immovable property at minus figure whereupon the WTO made a reference under Section 16A of the Act to the valuation cell of the Department. The District Valuation Officer valued the said property at positive figures and estimated the value of assessee's interest therein accordingly.

(3.) HEARD learned counsel for the parties.