B.P.Jeevan Reddy, C.J. - (1.) UNDER Section 27(1) of the Wealth-tax Act, 1957, the Tribunal has referred the following question for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the capital gains tax was not, to be deducted from the market, value of the assets in arriving at the fair market value of the same for the purpose of the Wealth fax Act ?"
(2.) IT is stated by counsel for both the parties that this question has to be answered in the negative, i.e., in favour of the Revenue and against the assessee, following the decision of this court in Bharat Hari Singhania v. CWT [1979] 119 ITR 258. The reference is answered accordingly. No costs.;