- (1.) The Income Tax Appellate Tribunal, Allahabad has referred the following two questions of law under Section 27(3) of the Wealth Tax Act, 1957, hereinafter referred to as 'the Act' for opinion to this Court: Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the valuation was not referred to a proper valuer and in directing the W.T.O. to refer the valuation to a competent valuer
(2.) The present Reference relates to the assessment year 1987-88. Briefly stated the facts giving rise to the present Reference are as follows:
(3.) The assessment was completed on 31-1-1991 on a total wealth of Rs. 35,69,200 under Section 16(3) of the Act as against the net wealth shown in the return at Rs. 26,60,900.;