COMMISSIONER OF WEALTH TAX VS S.K. GOLECHA
1993 P T D 528
[194 ITR 441]
[Rajhisthan High Court (India)]
Before S.C. Agrawal and I.S. Israni, JJ
COMMISSIONER OF WEALTH TAX
versus
S.K. GOLECHA
D.B. Wealth Tax Reference Application No.29 of 1989, decided on 19/10/1989.
Wealth tax---
----Reference---Valuation of assets---Valuation of interest of partner in assets belonging. to firm---Question regarding similar question for assessment year 1974-75 under consideration by Court---Question regarding valuation for assessment year 1979-80 directed to be referred---Indian Wealth Tax Act, 1957, S.27.
Held, that since the valuation of the property in question for the assessment year 1979-80 would be dependent on the valuation of the property in the year 1974-75 which matter was under consideration before the Court, the Tribunal had to refer the question of valuation of the property for the assessment year 1979-80 for purposes of determining a partner's interest in it to the High Court.
CWT v. S.K. Golecha (HUF) (1990) 1;t1 ITR 59 (Raj.) ref.
V.K. Singhal and S.L. Sharma for the Commissioner.
R.B. Mathur for the Assessee.
JUDGMENT
This application has been moved by the Revenue under section 27(3) of the Wealth Tax Act, 1957, for directing the Income-tax Appellate Tribunal to refer the questions of law as mentioned in paragraph 5 of the application for the consideration of this Court. This application relates to the assessment year 1979-80. Shri Singhal has invited our attention to the order passed by the. Income-tax Appellate Tribunal to show that, for computing the valuation of the building of Prem Prakash Cinema, the Tribunal has placed reliance on the valuation of the said property in the assessment year 1974-75. Shri Singhal has also submitted that, in .respect of the assessment year 1974-75, the matter relating to the valuation of the said property is already under consideration before this Court, inasmuch as by order dated August 21, 1989, in D.B. Wealth tax Reference Application No.20 of 1986 (CWT v. S.K. Golecha (HUF) (1990) 184 ITR 59), this Court has directed the Tribunal to refer two questions of law in relation to the valuation of the cinema building. of Prem Prakash Talkies. Since the valuation of Prem Prakash Talkies in the assessment year 1979-80 would be dependent on the valuation-of the said property in the year 1974-75 and that matter is under consideration before this Court, we consider it fit and proper to allow this application and direct the Income-tax Appellate Tribunal to draw up the statement of case and refer the following question of law for the consideration of this Court:
"Whether, on the facts 'and in the circumstances of the case, the Tribunal was right in upholding the order of the Commissioner of! Wealth Tax (Appeals) whereby he directed the Wealth Tax Officer to take valuation of Prem Prakash Cinema as on Diwali 1978 at Rs.34,07,839 for the purpose of determining the assessee's interest in the firm, Messrs. S. Zoraster and Company, after allowing deduction as per rule 2F of the Wealth Tax Rules?"
No order as to costs.
M.BA./1994/TApplication allowed.