SABITA MOHAN NAGPAL Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) AT the instance of the assessee, the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur (for short " the Tribunal "), has referred the following questions for the opinion of this court, which are said to arise out of its order dated August 31, 1976, which was subsequently modified on April 19, 1978, passed in Wealth-tax Appeals Nos. 94 and 95 of 1974-75:

(2.) WHETHER in view of the fact that property was constructed in the immediate past, the cost of construction is accepted by the Department and sale value of the land was before it, the Tribunal was justified in estimating the value of the property by applying a certain year's purchase price when its value as on the valuation date can be estimated exactly on land and building method ?

(3.) "Asset" has been defined in Section 2(e) of the Act, as under :