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JUDGMENT Narasimham, CJ.-This is a reference under sub-section (1) of section 27 of the Wealth-tax Act, 1957 (hereinafter referred to as the Act), by the Income-tax Appellate Tribunal, Patna, stating the following questions of law for the opinion of this court: "1.Whether, in computing the market value of the share, the assessee is entitled to the deduction of a sum of Rs. 2,30,546, by way of brokerage commission? 2.Whether, on a true construction of sections 5(1)(viii) and 5(1)(xv) of the Wealth-tax Act, the assessee is entitled to the exclusion of the value of jewellery amounting to Rs. 27,27,330 from the computation of his total wealth? 3.Whether any part of the amount of Rs. 36,87,419, fixed as compensation payable to the assessee under the Bihar Land Reforms Act is liable for inclusion in the total wealth of the assessee?" The assessee was the late Maharajadhiraja of Darbhanga. While computing his net assets for the purpose of the Wealth-tax Act, a dispute arose in respect of (1) the deduction from the market value of the shares held by the assessee of the brokerage commission (question No. 1), (2) complete exclusion from the assets of those ornaments and jewellery of the Darbhanga Raj which were intended for the personal or household use of the Maharajadhiraja (question No. 2), and (3) the exclusion from the total assets of any part of the amount of compensation which was not actually paid to him by the State (question No. 3). Question No. 3.-Mr. Lalnarayan Sinha for the assessee, quite fairly, stated that, in view of a Bench decision of this court in Maharaj Kumar Kamal Singh v.Commissioner of Wealth-tax [1967] 65 ITR 460 , this question must be answered against the assessee. In that decision, it was held that, as soon as the estate of an ex-proprietor vests in the Government under the provisions of the Bihar Land Reforms Act, that proprietor is entitled to receive compensation, though the date of payment of the compensation and the manner in which it will be paid have been left to the discretion of the State Government. Hence, merely because the sum of Rs. 36,87,419 payable to the assessee for the vesting of his estate with the State Government has not…

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