Law: Wealth Tax Act, 1957

Section: 16

Wealth tax---Reference---Question of law---Wealth tax----Valuation of assets--Valuation Officer's Report ---Appellate Assistant Commissioner directing Wealth Tax Officer to refer matter to Valuation Officer and adopt Valuation Officer's Report---Questions whether such reference would be valid, whether report of Valuation Officer is not binding on Wealth tax Officer and whether Wealth Tax Officer bound to adopt Valuation Officer's Report---Are questions of law---Indian Wealth Tax Act, 1957, Ss. 16-A & 27---[CWT v. A.A. Patel (1990) 181 ITR 543 reversed]. The questions (i) whether a reference made to the Valuation Officer in compliance with the direction of the Appellate Assistant Commissioner cannot be a reference under section 16-A of the Wealth tax Act, 1957, (ii) whether the report made by the Valuation Officer obtained on the basis of the direction of the Appellate Assistant Commissioner is not binding on the Wealth Tax Officer and (iii) whether the Wealth Tax Officer is bound to accept the valuation in the Valuation Officer's Report, are question of law. ORDER After hearing learned counsel for the parties, questions of law do arise. We, therefore, allow the appeals and direct the Tribunal to state the, case and refer the following three questions to the High Court for its decision (see (1990) 181 ITR 543, 545): "(1) Whether, on the facts and…

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