Rastogi, J. - (1.) Both these references can be taken up together. The Income-tax Appellate Tribunal, B-Bench, Allahabad (hereafter "the Tribunal"), stated a case and referred the following questions of law for the opinion of this court under Section 27(1) of the W.T. Act (hereafter "the Act") : "(i) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that half the value of the properties owned by the association of persons consisting of the assessee and her son was liable to be assessed as assessee's wealth ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in rejecting the assessee's claim that the entire amount of the income-tax liabilities outstanding against the HUF of M/s. Kishori Lal Mukundi Lal was liable to be treated as a debt owed by the assessee and in holding that only 1/5th of this liability could be treated as the liability of the assessee while computing her wealth ? (iii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee's claim for deduction of the income-tax demands outstanding against M/s. Kishori Lal Mukundi Lal was hit by the provisions of Section 2(m)(iii) of the Wealth-tax Act. (iv) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that only half the amount payable under the decree passed against the assessee branch and Mohan Lal's branch (and not the whole) could be claimed by the assessee as a deduction in her wealth-tax assessments ? (v) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that only 1/5th of the amount payable under the decrees against the HUF of M/s. Kishori Lal Mukundi Lal (and not the whole) could be claimed by the assessee as a deduction in her wealth-tax assessments ?"
(2.) The reference has been made at the instance of the assessee, Smt. Prem Lata Agarwal, an individual, and the assessment years involved are 1964-65 to 1971-72, The assessee had also sought reference of the following question for all these six years : "Whether, on the facts and in the circumstances of the case, the value of ascertained decrees which were pending in the execution court on the date of valuation can be treated as wealth on the date of valuation for the purposes of wealth-tax ?"
(3.) The Tribunal did not refer this question because in its opinion the answer to it was self-evident. The assessee, thereafter, moved an application before this court, being Wealth-tax Application No, 494 of 1978, and this court issued a direction on 30th October, 1978, to the Tribunal and in compliance with the same the Tribunal has drawn up a supplementary statement of the facts of the case and referred the following question for the opinion of this court : "Whether, on the facts and in the circumstances the value placed by the Tribunal on the decree in question was in law the correct value ?";