Goswami, J. - (1.) These appeals are by certificate of the Calcutta High Court under Section 29 (1) of the Wealth-tax Act (briefly the Act).
(2.) The assessment years of the respondent-company (hereinafter to be described as the assessee) involved in the composite reference to the High Court under Section 27 (1) to the Act are 1957-58, 1958-59 and 1959-60, for which the corresponding valuation dates are 31st March, 1957, 31st March, 1958, and 31st March, 1959.
(3.) The only common question of law which was referred to the High Court appertaining to all the three assessment years is in the following terms: "Whether, on the facts and in the circumstancs of the case, and in view of the provisions of Sec. 7 (2) of the Wealth-tax Act, an adjustment could be made in ascertaining the net value of the depreciable assets of the assessee-company by substituting the written down value of the assets computed under the Indian Income-tax Act for the value as shown in the balance-sheet -;