- (1.) THE Tribunal, Allahabad, has referred the following questions of law under s. 27(3) of the WT Act, 1957 (hereinafter referred to as 'the Act') for opinion to this Court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the valuation of assessee's share in the residential property No. 7/24, Tilak Nagar, Kanpur, should be done in accordance with the provisions of r. 1BB of the WT Rules ?
(2.) WHETHER , on the facts and in the circumstances of the case, the Tribunal was correct in law in accepting the claim of the assessee for making valuation of the assessee's share in the residential property No. 7/24, Tilak Nagar, Kanpur, in accordance with r. 1BB, despite the fact of the assessee having exercised the option under the provisions of s. 7(1) of the WT Act - 2. The reference relates to the asst. yrs. 1973 -74, 1974 -75, 1976 -77 and 1977 -78.
(3.) BRIEFLY stated, the facts giving rise to the present reference are as follows : The respondent -assessee is an HUF and owns certain immovable properties. In one of the properties, namely, 7/24, Tilak Nagar, Kanpur, it has half -share, which was occupied by the respondent -assessee and other co -owners for their residence. The valuation as disclosed by the respondent -assessee was not accepted by the WTO who adopted the valuation as per report of the DVO. However, in appeal, the AAC has given the benefit of r. 1BB of the Rules, which has been upheld by the Tribunal. In the case of CWT vs. Sharvan Kumar Swarup and Sons (1994) 122 CTR (SC) 380 : (1994) 210 ITR 886 (SC), r. 1BB having been held by the apex Court to be retrospective in nature, we do not find any infirmity in the order of the Tribunal.;