V.K. Khanna, J. - (1.) HEARD learned counsel for the applicant at some length. From the entire facts and circumstances of the case, we are of the opinion that the following two questions of law arise out of the Tribunal's order : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in upholding that the Appellate Assistant Commissioner's decision that the valuation of the residential property situated at Nehru Nagar, Agra, should ho made in accordance with Section 7(4) of the Wealth-tax Act, 1957, read with Rule 1BB without taking note of the fact that Rule 1BB is only applicable to the residential hut let out properties and is not applicable to the properties used for self-residence as it is in the case of the assessee ? (2) Whether the Tribunal have failed to appreciate that Rule 1BB is not applicable to the assessee's cases as it came into operation only on April 1, 1979 ?" The Tribunal is accordingly directed to draw up a statement of the case and refer the aforesaid two questions for the opinion of the High Court. So far as the third question is concerned, the application stands rejected.
(2.) FOR the reasons stated above, the application is partly allowed. There will be no order as to costs.;