- (1.) The revenue sought for reference of the following question : Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the market value of the assessees right in the property at Hailey Road, New Delhi, was not Rs. 8,00,000.00 as assessed by the Wealth-tax Officer on basis of the report from the Valuation Officer The High Court declined to call for the reference.
(2.) From the order of the Tribunal it appears that it had relied upon the judgment of the Calcutta High Court in CIT V/s. Smt. Ashima Sinha, 1979 116 ITR 26 to hold that the potential value of the land could not be added in assessing its value. Clearly, a question of law arises which requires the consideration of the High Court.
(3.) It will be open to the assessee to contend, as has been done before us, that the valuation should be arrived at by employing the provisions of R.1BB of the Wealth-tax Rules, 1957 and the High Court shall take this contention into account when answering the question on its merits.;