1990 (5) TMI 35

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..... ising out of the Wealth-tax Appeal No. 245 /JP of 1987, dated November 23, 1987. The assessee declared the value of "Zoraster Haveli", Jaipur, at Rs. 2,08,017. The Valuation Officer determined the value of this property as on October, 1973, at Rs. 6,41,000 by the order under section 16A(5) dated July 18, 1977. Against this order, an appeal was filed to the Commissioner of Income-tax (Appeals). The .....

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..... only for the purpose of business. Thereafter, an application moved by the Department for making reference to the High Court was rejected. The questions sought to be referred are mentioned at page 27, as under : "1. Whether, on the facts and in the circumstances of the, case, the Tribunal was right in holding that the cinema building 'Prem Prakash' was an urban business asset and no additional w .....

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..... The second question sought to be referred by the Department was regarding the valuation of Prem Prakash Cinema building. Both these questions referred to above were held by the Tribunal to be basically questions of fact. Under the first question, the controversy was whether the building of Prem Prakash Cinema building was an urban business asset and the second question was about the valuation of .....

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