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The High Court of Delhi delivered a judgment on petitions under section 27(3) of the Wealth Tax Act, 1957, for assessment years 1974-75 to 1977-78. The valuation of a residential house in Kanpur owned by the respondent-assessee was in question. The Tribunal had previously determined the property value for the assessment year 1971-72 at Rs. 2,50,000. Due to administrative errors, the Commissioner of Wealth-tax in Delhi did not receive the Tribunal's order related to this valuation. The court noted that the value of the house as of April 1, 1971, had been frozen and should be consistent for subsequent years. No pending proceedings existed for the assessment year 1971-72, and the court declined to direct the Tribunal to refer any legal questions. The petitions were disposed of with liberty for the petitioner to apply for revival if the house value for 1971-72 is revised, without prejudice to the assessee's future contentions.
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