Wealth tax---

----Reference---Valuation of agricultural land---Discounted value of compensation whether to be taken into account---Question of law.

Held, that the question whether the discounted value of compensation received by the assessee could be taken into account when the asset to be valued was agricultural land for the assessment years 1976-77 and 1977-78 was a question of law.

CWT v. Suresh Kumar Kaushik alias Chakkarpani (1991) 187 ITR 343 (All.) ref.

Vikram Gulati for the Assessee.

JUDGMENT

B.P.JEEVAN REDDY, CJ.---For the reasons stated in our order in Wealth-tax Applications Nos. 205 to 210 of 1989 (CWT v. Suresh Kumar Kaushik alias Chakkarpani (1991) 187 1TR 343), disposed of today, question No.l alone in these cases is directed to be referred.. Question No.l reads as follows:

Whether the Income-tax Appellate Tribunal was factually and legally correct in directing

the discounted value of compensation received by the assessee, being taken in relation to

the assessment years 1976-77 and 1977-78 when the asset to be valued was agricultural

land?

So far as questions Nos.2 and 3 are concerned, they cannot be referred: for the reasons recorded in the aforesaid order.

These wealth-tax applications are allowed in part. No costs.

M.B.A./1589/TApplications allowed in part.