Law: Wealth Tax Act, 1957

Section: 27(3),7(1),5(1)(xii),21(1A),16A(5)

Wealth tax------- ----Reference---Valuation of, assets--- Exemption--- Jewellery---Question regarding valuation of jewellery--Question whether exemption could be claimed in respect of jewellery on the ground that they were art treasures--Questions of law--Indian Wealth Tax Act, 1957 Ss. 5(1)(xii), 16-A & 27. Held, that the questions, (1) whether, on the facts and in the circumstances of-the case, the Appellate Tribunal was justified in confirming the order of the Commissioner of Income-tax (,Appeals) in so far as fixing the value of the jewellery forming part of the trust at 50 per cent. of the value fixed by the valuer on the alleged grounds of uncertainties, hazards and risks of litigation, etc.; (2) whether the Appellate Tribunal was justified in holding that the alleged uncertainties, hazards, risks of litigation and burden of tax liability, etc. pleaded by the assessee constituted factors for reduction of valuation up to 50 per cent. of the valuation fixed by the approved valuer; (3) whether the Appellate Tribunal was justified in holding that the Wealth Tax. Officer would be entitled to make further adjustments to the valuation as determined by the Valuation Officer under section 16-A(5) of the Wealth Tax Act, 1957; and (4) whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in allowing the exemption under section 5(1)(xii) of the Wealth Tax Act in respect of seven items of jewellery, claimed to represent art treasures, had to be referred. JUDGMENT P. VENKATARAMA REDDI, J.---The Revenue seeks reference of the following questions for reference under section 27(3) of the Wealth Tax Act, 1957, for consideration: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that for the purpose of valuation of the jewellery under section 7(1) of the Wealth Tax Act, 1957, the alleged uncertainties, hazards, risks of litigation, burden of cumulative tax liability, etc, should be considered as the factors which would go to reduce the estimated market value? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in ignoring the position that the…

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