1989 (10) TMI 6 - HC - Wealth-tax

Summary

The Revenue moved an application under section 27(3) of the Wealth-tax Act, 1957, to direct the Tribunal to refer questions of law regarding the valuation of Prem Prakash Cinema for the assessment year 1979-80. The High Court allowed the application and directed the Tribunal to refer the question of law for consideration. The question was whether the Tribunal was right in upholding the valuation of Prem Prakash Cinema at Rs. 34,07,839 for determining the assessee's interest in the firm.