Law:

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Section 27 of the Wealth-tax Act, 1957 - High Court - Reference to - Assessment year 1981-82 - Whether it is open to High Court when hearing reference to reframe question to bring out full scope and effect if Court thinks it necessary - Held, yes - Whether where question which had been referred was wide enough to incorporate in it concept which was sought to be brought in by question proposed by Department, High Court need not reframe question - Held, yes FACTS The Department sought reference of the question whether the value of shares of 'M' was to be taken as per rule 1D of the Wealth-tax Rules, 1957 when the shares of the said company were being quoted regularly in the stock exchange. The Tribunal, however, referred the question whether the valuation of shares of 'M' had to be taken as per rule 1D. HELD It is open to the court when hearing the reference under section 256(1) to reframe the question to bring out the full scope and effect, if the court thinks it necessary. The question which had already been referred, was wide enough to incorporate in it the concept which was sought to be brought in by the question proposed by the Department. The Department would in no way be prejudiced. CASE REFERRED TO Sharbati Devi Jhalani v. CIT [1986] 159 ITR 549 (Delhi). Rajendra and D.C. Taneja for the Applicant. S.K. Aggarwal for the Respondent. JUDGMENT B.N. Kirpal, J.-In respect of the assessment year 1981-82, the petitioner seeks reference of the following two questions : "1.Whether the Income-tax Appellate Tribunal was correct in law and on facts in holding that the valuation of shares of Messrs. Indofil Chemicals Ltd. was to be made on yield basis and not in…

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