Law:

Section:

Section 7 read with section 27 of the Wealth-tax Act, 1957 - Valuation of assets - Immovable property - Assessment year 1976-77 - Tribunal deleted addition made by WTO on account of value of a house property - Revenue sought reference with regard to said house as to whom said house belonged, viz., to assessee or to his wife - Similar question was referred in respect of earlier assessment years also - Whether Tribunal was to be directed to refer question as to whether it was justified in deleting addition made by WTO on account of value of said house - Held, yes FACTS The Tribunal deleted the addition made by the WTO on account of value of house property. The revenue was seeking reference with regard to the said house and the question posed was as to whom the house belonged, namely, did it belong to the assessee or his wife. HELD In respect of earlier assessment year a similar question was referred. In view thereof, the Tribunal was directed to refer the question as to whether the Tribunal was correct in law in deleting the addition made by the WTO, on account of value of property in question. Note : The case has been decided in favour of the revenue. CASES REFERRED TO CIT v. K.L. Bhatia [1991] 187 ITR 644 (Delhi) and CIT v. K.L. Bhatia (No. 1) [1991]…

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