Law:

Section:

Section 7 of the Wealth-tax Act, 1957, read with rule 1BB of the Wealth-tax Rules, 1957 - Valuation of assets - Other - Assessment years 1965-66 to 1969-70 - For assessment years in question, Tribunal directed WTO to value property in question in accordance with rule 1BB even though department had contended that rule 1BB came into operation only on 1-4-1979 and it would be operative from assessment year 1979-80 and onwards - Whether referable question of law did arise out of order passed by Tribunal - Held, yes FACTS For the assessment years in question, the Commissioner (Appeals) directed the WTO that the value of the property in question should be determined in accordance with rule 1BB. The Tribunal upheld the directions given by the Commissioner (Appeals) even though the department had submitted that rule 1BB came into operation only on 1-4-1979 and it would be operative only for the assessment year 1979-80 and onwards. On reference: HELD The question of law did arise out of the order passed by the Tribunal which was to be considered and decided by the High Court. The Tribunal was directed to refer the same. Note : The decision is in favour of the revenue. CASES REFERRED TO CWT v. Vidyavathi Kapur [1984] 150 ITR 319 (Kar.) and Standard Mills Co. Ltd. v. CWT [1967] 63 ITR 470 (SC). Wazir Singh and R.C. Pandey for the Applicant. M.L. Verma and Suresh Singh for the Respondent. JUDGMENT S. Ranganathan, J.-These are five reference applications filed at the instance of the Commissioner of Wealth-tax relating to the assessment years 1965-66 to 1969-70. They raise one question of law which is framed in these terms by the applicant: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Wealth-tax Officer to recalculate the value of the property at 14, Barakhamba Road, New Delhi?" The question does not really bring out the controversy between the parties which arises in the following way. The Tribunal in disposing of the appeal by a common order approved of the directions given by the Commissioner of Wealth-tax (Appeals) that the value of the above property should be determined in accordance with rule 1BB of the…

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