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Issues:
1. Whether the value of ten shops amounting to Rs. 50,000 should be included in the net wealth of the assessee. 2. Whether a question of law arises from the Tribunal's finding that the assessee was not the owner of the shops. Analysis: 1. The reference application under section 27(3) of the Wealth-tax Act, 1957, sought a reference regarding the inclusion of the value of ten shops in the net wealth of the assessee. The Wealth-tax Officer initially held the assessee as the owner of the shops, adding their value to the net wealth. However, the Appellate Assistant Commissioner and the Income-tax Appellate Tribunal both found that the shops were gifted by the deceased owner to his daughter at the time of her marriage in 1927. Based on evidence like a release deed and affidavits, it was established that the daughter was the rightful owner of the shops, not the assessee. Consequently, the Tribunal dismissed the Department's appeal, upholding that the shops did not form part of the assessee's net wealth for the assessment year 1967-68. 2. The Tribunal declined to make a reference to the High Court under section 27(1) of the Wealth-tax Act, stating that the finding regarding the ownership of the shops was a factual determination. On review of the orders by the Appellate Assistant Commissioner and the Tribunal, the High Court concurred that the finding that the assessee was not the owner of the shops was a factual conclusion based on the evidence presented. As such, the High Court held that no question of law arose from the Tribunal's decision. The High Court dismissed the application for reference, emphasizing that the finding was factual and not a legal issue, making the application not maintainable. In conclusion, the judgment clarified the ownership of the shops in question, determining that they belonged to the daughter of the deceased owner and not to the assessee. The High Court upheld the Tribunal's finding that the assessee was not the owner of the shops, emphasizing that it was a factual determination and not a legal question warranting a reference to the court.
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