- (1.) - These appeals are preferred against a common judgment of the Calcutta High Court in three reference made under Section 27 of the Wealth Tax Act. The assessment years concerned herein are 1957-58, 1958-59 and 1959-60. The respondent-assessee was the holder of an estate which was acquired under the West Bengal Estate Acquisition Act, 1953. In the proceedings under the Wealth Tax Act, the respondent's right to receive compensation under the said Act was treated as an asset within the meaning of the Wealth Tax Act and its value included in his total wealth. On appeal, the Appellate Assistant commissioner merely reduced the value. On further appeal, the Tribunal held in favour of the assessee, but at the instance of Revenue, it referred the following question for the opinion of the High Court under Section 27(1) : "Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee had no right on the relevant valuation dates to receive any compensation for the acquisition of his estate from the Government of West Bengal -
(2.) While referring the question, the Tribunal observed: "If the question above is answered by the Court in favour of the Department, the Tribunal will determine by an order under Section 27(6) of the Wealth Tax Act, 1957, the value of the compensation receivable by the assessee as on the different valuation dates."
(3.) At the time of the hearing of the reference, the High Court re-framed the question. The question, as re-framed, reads: "Whether in the facts and circumstances of this case, the right to compensation under the West Bengal Estate Acquisition Act, 1958 constitutes an asset within the meaning of the Wealth Tax Act and specially in view of the fact where such compensation under the West Bengal Estate Acquisition Act has neither been determined nor paid.";