B.P.Jeevan Reddy, C.J. - (1.) IN this case, the following question under Section 27(1) of the Wealth-tax Act, 1957, was referred : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee was not entitled to deduction of the notional amount of capital gains tax which would have been payable by him if the shares held by him were actually sold on the valuation date ?"
(2.) AN identical question in the case of another member of the same family was answered against the assessee in Bharat Hari Singhania v. CWT [1979] 119 ITR 258 (All) (question No. 2). Following the said judgment, the question referred here is answered in the affirmative, that is, in favour of the Revenue and against the assessee. No costs.;