- (1.) After hearing the learned counsels for the parties, questions of law do arise. We, therefore, allow the appeals and direct the Tribunal to state the case and refer the following three questions to the High Court for its decision - CWT V/s. A.A.Patel, 1990 181 ITR(MP) 543 : 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is legally correct in holding that a reference made to the Valuation Officer in compliance with the directions of the Appellate Assistant Commissioner cannot be a reference u/s. 16A of the Wealth-tax Act, 1957
(2.) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is legally correct in holding that the report from the Valuation Officer, although obtained on the basis of a reference made as a result of the Appellate Assistant Commissioners directions, is not binding on the Wealth-tax Officer u/s. 16A(6) of the Wealth-tax Act
(3.) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in holding that the Commissioner was not correct in concluding that the Wealth-tax Officer was duty bound to accept the Valuation Officers report so far as the valuation of assets was concerned and by not doing so, the assessments made by the Wealth-tax Officer, be treated as erroneous and prejudicial to the interests of the revenue;