9911796707
TMI Blog1995 (11) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... stions for reference under section 27(3) of the Wealth-tax Act, 1957, for consideration : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that for the purpose of valuation of the jewellery under section 7(1) of the Wealth-tax Act, 1957, the alleged uncertainties, hazards, risks of litigation, burden of cumulative tax liability, etc., should be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw in allowing the exemption under section 5(1)(xii) of the Wealth-tax Act in respect of seven items of jewellery, claimed to represent art treasures ? 5. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that under section 16A of the Wealth-tax Act, the Wealth-tax Officer would be entitled to make further adjustments to the valuation as deter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act ? 8. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in confirming the decision of the Commissioner of Wealth-tax (Appeals)-I fixing the value of the fund at 50 per cent. of the value fixed by the departmental valuer, Sri Jayant N. Chowlera, when the departmental valuer, Sri Jayant N. Chowlera, had himself admitted before the umpir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arise out of the order of the Tribunal and, therefore, they need not be referred. Accordingly, we direct the following questions which have a bearing on the question of valuation to be referred for the opinion of this court in addition to question No. 3 already referred by the Tribunal : " (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
